Stuart MacKenzie (left) and Eric Apfel
By Joshua Burd
CBRE has promoted two members of its investment sales team in the region, touting their role in growing the firm’s pipeline of multifamily deals.
In a news release, the brokerage said Stuart MacKenzie and Eric Apfel are now first vice presidents with its New York Tristate Institutional Properties Group. They joined the team in 2017 and 2016, respectively, and work closely with group leader Jeffrey Dunne, leading the unit’s multifamily vertical and having completed a combined $6 billion in sales across 85 transactions.
That includes the team’s 18 multifamily deals in 2022, which spanned 4,790 units, for a total consideration of $1.35 billion, the firm said. Among them were the $173.5 million sale of the 415-unit Plaza Square in downtown New Brunswick, which CBRE touted as the state’s largest apartment sale of the year, and the $113 million trade of Windsor at the Gramercy, a 260-unit complex in White Plains, New York.
“Stuart and Eric have been tremendous assets to our Institutional Properties Group, contributing to CBRE’s unprecedented success in the multifamily sector,” said Dunne, a vice chairman with the firm. “We are excited to promote them both to first vice presidents and look forward to their continued success in 2023 and beyond.”
Prior to joining the investment sales team in 2017, MacKenzie was a senior valuation associate with CBRE’s valuation and advisory services group. In that role, he was engaged in the valuation of all asset types including office, retail, multifamily, industrial and development sites within the tristate region.
Apfel joined the team in 2016 and has focused on the multifamily segment, with experience in portfolio sales, tax abatements, brownfield tax credits, ground lease structures, affordable housing and ground-up development over the last seven years, according to a news release. Prior to CBRE, he worked in corporate development at a New York-based real estate capital advisory firm.