JLL Capital Markets today announced the closing of the sale of Avalon Green, a 617-unit value-added multi-unit community located in 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-phase apartment community consists of one-, two-, and three-bedroom residences, averaging a large 1,175 square feet. The first phase comprises 195 townhouse-style apartments, built in 1995 and renovated in 2015. Built in 2012, the second phase comprises 444 apartments and the third phase of 68 units was completed in 2016. Units include patios/balconies , fully equipped kitchens, in-unit washers and dryers and walk-in closets. The property has been owned and maintained by institutions with many high-end amenities, such as two saltwater swimming pools, a rental office/clubhouse, a residents’ lounge, three recycling centers, a fitness, two maintenance shops, five areas for pets, a dry cleaning service three playgrounds, barbecue and picnic areas and resident garages.
Located at 500 Town Green Dr., Avalon Green is located between the Saw Mill River Parkway and I-87, which also provide access to I-287 and Sprain Brook Parkway within a one-mile radius. The property is strategically located a 10-minute drive from Tarrytown and White Plains train stations, offering direct service to Manhattan via Metro North in less than an hour and Stamford in 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 has attracted considerable interest given its superb location and the steep rise in rents. Despite any turbulence in capital markets, we are seeing good assets trading at aggressive prices in desirable markets, such as Westchester County,” Cruz said.
JLL’s Capital Markets Group is a global, full-service provider of capital solutions for real estate investors and occupiers. The firm’s deep knowledge of the local market and global investors provides best-in-class solutions to its clients, whether it is sales and investment advisory, debt advisory, equity advisory or recapitalization . The firm has more than 3,000 capital markets specialists worldwide with offices in nearly 50 countries.
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