Avalon Green at 500 Town Green Drive in Elmsford, New York — Courtesy: JLL
By Joshua Burd
AvalonBay Communities Inc. has sold a 617-unit multifamily property in New York’s Westchester County, in a deal arranged by JLL’s Morristown-based capital markets team.
The buyer, a joint venture of Harbor Group International LLC and Azure Partners LLC, paid an undisclosed sum for what’s known as Avalon Green at 500 Town Green Drive in Elmsford. JLL announced the deal last week, noting that the three-phased property has a mix of one-, two- and three-bedroom homes that were developed starting in 1995.
JLL’s Jose Cruz, Steve Simonelli, Michael Oliver, Andrew Scandalios, Marion Jones and Josh Stein brokered the deal.
“Avalon Green drew significant interest given the superb location and strong upside in the rents,” Cruz said. “Despite any capital markets turbulence, we are seeing good assets trade at aggressive pricing in desirable markets, such as Westchester County.”
In announcing the deal, JLL said the first phase of Avalon Green consists of 195 townhouse-style units built in 1995 and renovated in 2015. Constructed in 2012, the second phase has 444 apartments, while the 68-unit third phase was completed in 2016.
Homes at the property have upscale design and finishes, along with amenities such as two saltwater pools, a leasing office and clubhouse, a tenant lounge, a fitness center and others. Residents, meantime, are close to the Saw Mill River Parkway and Interstate 87, which also offer access to I-287 and the Sprain Brook Parkway within a one-mile radius, along with two Metro North train stations at Tarrytown and White Plains.