The Peaks of Nanuet at 100 Avalon Gardens Drive in Nanuet, New York — Courtesy: JLL
By Joshua Burd
A joint venture has sold a 504-unit apartment complex about five miles north of the Bergen County border, in a transaction arranged by JLL’s Morristown-based capital markets team.
Brokers with the firm represented the sellers, Harbor Group International LLC and Azure Partners LLC, in the trade of The Peaks of Nanuet in Nanuet, New York. Mill Creek Residential Trust LLC and a partner purchased the property for an undisclosed price.
The JLL team included Jose Cruz, Michael Oliver, Kevin O’Hearn, Stephen Simonelli, Andrew Scandalios and Michael Kavanagh. They noted that the buyers completed the acquisition free and clear of existing financing.
“The Peaks asset was highly sought after by both institutional and private buyers given the property’s location, surrounding demographics and renovation upside,” Cruz said. “This sale marks the largest multi-housing trade in Rockland County to date.”
Located at 100 Avalon Gardens Drive, The Peaks of Nanuet consists of 64 buildings set on 54 acres, with a mix of one-, two- and three-bedroom units averaging 1,208 square feet. The property is less than a mile from the intersection of the Garden State Parkway, Interstate 287 and Palisades Interstate Parkway.
Community amenities include a large renovated clubhouse, fitness center, yoga room, indoor basketball and racquetball courts and a business center, JLL said. The property was 95 percent occupied at closing.
