Harbor Group International Acquires New York Apartment Community
$259 Million Investment Located 30 Minutes from Manhattan
NEW ROCHELLE, NY (December 5, 2018) – Harbor Group International, LLC (“HGI”) announced today that affiliates of the Company have acquired Skyline New Rochelle, a 40-story, 588-unit, class A apartment community located in New Rochelle, New York with direct access to Manhattan for $259 million.
HGI partnered with Azure Partners, LLC on the transaction.
The property, built in 2007, is currently 95.6% occupied. The acquisition continues HGI’s focus on the New York metropolitan area, where the company now owns $1.5 billion in investment properties, including CBD office, urban retail, industrial, multifamily and debt investments.
“This property continues HGI’s strategy of acquiring class A assets in top tier markets with great demographics and strong employment drivers,” said T. Richard Litton, Jr., President of HGI. “New Rochelle is a New York City Metro commuter hub with easy access to multiple forms of transportation. The property has been maintained to a high standard and has a wide assortment of quality amenities.”
The Property features original-finish units that offer natural lighting. HGI plans to implement a unit interior renovation program to improve the Property’s competitive positioning in the market. HGI anticipates implementing upgrades in 375 units, including updated cabinetry, stainless steel appliances, updated lighting and hardware, 6-panel doors and NEST thermostats.
At 40 stories tall, the Property is the tallest residential building in Westchester County, offering unobstructed views of Manhattan and the Long Island Sound. The Property currently has a “Walk Score” of 97/100 due to its location in the center of Downtown New Rochelle with walkability to retail, restaurants, entertainment, and transportation. The Property also contains ground floor retail spaces, which serve as a built-in amenity to the Property’s residents.
Harbor Group International, LLC is a private real estate investment and management firm which controls a portfolio of worldwide assets valued at $8.2 billion. HGI is headquartered in Norfolk, Virginia with offices in New York, Baltimore, Los Angeles and Tel Aviv. The company’s real estate holdings include 3.7 million square feet of commercial properties and 30,400 apartment units. For additional information, please visit www.harborgroupint.com.
Azure Partners LLC is a real estate private equity firm based in New York City focused on the acquisition and management of real estate assets within high-growth markets in the United States. Azure’s primary investment objective is to produce superior risk adjusted returns while giving investors current cash return on equity and minimizing downside risk. Since its founding in 2010, Azure has purchased in excess of $1.6 Billion of assets including more than 8,000 multifamily units and 700,000 square feet of retail. For more information, please visit http://www.azurep.com/
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