By Joshua Burd
A brokerage team from HFF’s New Jersey office has closed the $147 million sale of a 504-unit apartment community in nearby Rockland County, New York, the firm said Tuesday.
HFF marketed the property, known as Eaves Nanuet, exclusively on behalf of seller AvalonBay Communities Inc., according to a news release. A joint venture between Harbor Group International LLC and Azure Partners LLC purchased the asset free and clear of existing debt.
The deal represents one of the largest apartment sales to have occurred in Rockland County, HFF said. Sitting on 54 acres at 100 Avalon Gardens Drive, the property is less than 10 miles from the New Jersey border and just over the state line from Bergen County.
The HFF investment sales team representing the seller was led by Senior Managing Director Jose Cruz, Managing Director Kevin O’Hearn, directors Michael Oliver and Stephen Simonelli and Associate Director Robert Borny.
“Demand for well-located, value-add multi-housing continues to be very strong — especially in high-income submarkets like Nanuet,” Cruz said in a prepared statement. “This property is one of the largest in the county and provides investors with significant upside.”
The sprawling community, which sits near Interstate 287’s intersection with the Garden State Parkway and Palisades Interstate Parkway, is minutes from Nanuet’s Metro North train station. HFF said the 97 percent-leased property has 64 buildings totaling 504 homes, with a mix of one-, two- and three-bedroom apartments averaging 1,208 square feet in size.
Apartments feature loft spaces, gas fireplaces, closet and attic storage, in-unit washers and dryers, personal garages and patios and balconies. The property also includes amenities such as an outdoor swimming pool with a sun deck, two tennis courts, grilling areas and others.