Sale of multi-housing community in Westchester County, New York closes

MORRISTOWN, July 27, 2022 – JLL Capital Markets announced today that it has closed the sale of Avalon Green, a 617-unit, value-add multi-housing community located within Westchester County in Elmsford, New York. 

JLL marketed the property on behalf of the seller, AvalonBay Communities, Inc. A joint venture between Harbor Group International, LLC and Azure Partners, LLC acquired the asset.

The three-phased apartment community consists of one-, two- and three-bedroom residences, at a large average size of 1,175 square feet. The first phase consists of 195 townhouse-style apartment homes, built in 1995 and renovated in 2015. Constructed in 2012, the second phase features 444 apartment homes, and the 68-unit third phase was completed in 2016.  Units include patios/balconies, fully equipped kitchens, in-unit washers and dryers and walk-in closets. The property has been institutionally owned and maintained with extensive top of the market amenities, such as two saltwater pools, a leasing office/clubhouse, resident lounge, three recycling centers, fitness center, two maintenance shops, five pet areas, dry cleaning service three playgrounds, barbecue and picnic areas and resident garages.

Located at 500 Town Green Dr., Avalon Green is situated between the Saw Mill River Parkway and I-87, which also offer access to I-287 and the Sprain Brook Parkway within a one-mile radius. The property is strategically positioned a short 10-minute drive from both Tarrytown and White Plains Train Stations, providing direct service to Manhattan via Metro North in under one hour and Stamford within 30 minutes.

The JLL Capital Markets Investment Advisory team representing the seller was led by Jose Cruz, Steve Simonelli, Michael Oliver, Andrew Scandalios, Marion Jones and Josh Stein.

“Avalon Green drew significant interest given the superb location and strong upside in the rents.  Despite any capital markets turbulence, we are seeing good assets trade at aggressive pricing in desirable markets, such as Westchester County,” stated Cruz.

JLL’s Capital Markets group is a full-service global provider of capital solutions for real estate investors and occupiers. The firm's in-depth local market and global investor knowledge delivers the best-in-class solutions for clients — whether investment sales and advisory, debt advisory, equity advisory or a recapitalization. The firm has more than 3,000 Capital Markets specialists worldwide with offices in nearly 50 countries.

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Azure Partners LLC is a New York based real estate private equity firm primarily focused on the multi-family sector.  The firm was founded in 2010 by Michael Dennis (Chairman) and Arthur Rosenberg (CEO). Collectively, the principals have more than 75 years of experience in the real estate industry and have held senior positions at firms such as Canary Wharf, Olympia & York, and Marathon Asset Management. Azure targets investments with low downside risk and significant upside potential while providing investors attractive current cash flow distributions. Since its founding in 2010, Azure has purchased approximately $3.0 Billion of assets comprised of 11,000 multi-family units and 800,000 square feet of retail assets.