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Harbor Group International Acquires Multifamily Property In Pomona For $54M

Property Image
SOLD
$54,000,000
Travis Langer
Jeffrey Dunne
David Gavin
+ 4

New York

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MultiFamily1,253 SF
Sold 06/16/2021
the dealplayerscompscontact
Property Image
SOLD

Harbor Group International Acquires Multifamily Property In Pomona For $54M

1 Crystal Hill Drive, Pomona, Rockland County, NY, USA

See Similar Deals
MultiFamily1,253 SF
Sold 06/16/2021
Travis Langer
Jeffrey Dunne
David Gavin
+ 4
the dealplayerscompscontact
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Summary

NEW YORK
Asset Type:MultiFamily
Price Per Square Foot:$43,096
Total Square Footage:1,253 SF
Transaction Type:Sale

Located at 1 Crystal Hill Drive in Pomona, Rockland County, this multifamily property has been sold in a recent transaction. The property consists of 169 units, with each unit having a price per unit (PPU) of $319,526. The sale price for the entire property was $54,000,000.

Summary of transaction details:

  • Property Type: Multifamily
  • Transaction Amount: $54,000,000
  • Address: 1 Crystal Hill Drive, Pomona, Rockland County
  • Market: Rockland County

Harbor Group International, represented by Jordan Slone, acted as the buyer in this transaction. The sellers were Spirit Investment Partners and The Bascom Group. The sale was facilitated by CBRE brokers Jeffrey Dunne, Gene Pride, Jeremy Neuer, Steve Bardsley, David Gavin, and Travis Langer.

Players

Gene Pride
Newmark
Gene Pride
22 deals$1.6B volume
BROKER
Jeremy Neuer
JLL
Jeremy Neuer
45 deals$1.9B volume
BROKER
Steven Bardsley
CBRE
Steven Bardsley
47 deals$1.9B volume
BROKER
Travis Langer
CBRE
Travis Langer
52 deals$2.4B volume
BROKER
David Gavin
CBRE
David Gavin
45 deals$2B volume
BROKER
Jeffrey Dunne
CBRE
Jeffrey Dunne
86 deals$4B volume
BROKER
Jordan Slone
Harbor Group International
Jordan Slone
20 deals$5.3B volume
BUYER
TG
The Bascom Group
SELLER
SP
Spirit Investment Partners
SELLER

Details

SOLD
IMAGE: Jeffrey Dunne, Gene Pride, Jeremy Neuer, Steve Bardsley, David Gavin & Travis Langer DATE: 06/16/2021 ADDRESS: 1 Crystal Hill Drive MARKET: Pomona, Rockland County ASSET TYPE: Multifamily BUYER: Harbor Group International - Jordan Slone SELLER: Spirit Investment Partners & The Bascom Group BROKERS: Jeffrey Dunne, Gene Pride, Jeremy Neuer, Steve Bardsley, David Gavin & Travis Langer - CBRE SALE PRICE: $54,000,000 UNITS: 169 ~ PPU: $319,526

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Deal Type
Operating Income
Operating Expenses (Annual)
Net Operating Income (NOI)

$2,880,000.00

Debt Service Coverage Ratio (DSCR)

0.94x

Cap Rate

5.33%

Cash Flow (Annual)-$191,850.59
Cash-on-Cash Return-1.27%
Monthly Debt Service$255,987.55
Annual Debt Service$3,071,850.59