The DSF Group has acquired Avalon on the Sound East, a 588-unit, 39-story, Class A multi-housing tower in New Rochelle, New York.
HFF marketed the property on behalf of the seller, AvalonBay Communities, Inc. The DSF Group purchased the asset for $210 million, approximately $357,000 per unit. This is the largest recorded multi-housing sale in Westchester County.
Avalon on the Sound East is located at 40 Memorial Highway within one block of the Metro-North Railroad’s New Rochelle train station and less than a mile from Interstate 95. Completed in 2007, the luxury high-rise building includes one-, two- and three-bedroom units averaging 956 square feet each, as well as 7,607 square feet of ground-floor retail. Community amenities include a 24-hour fitness center, outdoor heated pool, rooftop resident lounge, community room, game room, garage parking and 24-hour concierge service.
The HFF investment sales team representing the seller was led by senior managing directors Jose Cruz and Andrew Scandalios, managing directors Kevin O’Hearn and Jeffrey Julien and associate director Rob Hinckley.
According to Scandalios, “Avalon saw an opportunity to capitalize in a strong investment market.”
“This is DSF’s second purchase in Westchester in the last twelve months. To complement its first high-profile property in downtown White Plains, the company will now also own the most prominent building in New Rochelle,” added Cruz