Hudson Valley Property Group Acquires Property On Yonkers Ave For $48.3 Million

The property involved in this transaction is Parkledge, a 311-unit affordable housing community located at 220 Yonkers Ave, Yonkers, NY 10701. The sale price was $48,300,000.00. The community features one-, two-, three- and four-bedroom apartments and was 97 percent occupied at the time of sale. Notably, ninety percent of the units enforce a restriction on potential tenants to 60 percent of the area median income, underscoring its focus on affordable housing.

Summary of transaction details:

• Property Type: Affordable Housing Community
• Transaction Amount: $48,300,000.00
• Address: 220 Yonkers Ave, Yonkers, NY 10701
• Market: Yonkers
• Seller's Representative: Eric Apfel, Gene Pride & Jeffrey Dunne - CBRE
• Buyer: Hudson Valley Property Group
• Occupancy Rate: 97 percent
• Units restricting potential tenants to 60 percent area median income: 90 percent

The deal involved key individuals from CBRE, with Tim Flint, Jeff Dunne, Gene Pride, and Eric Apfel acting as representatives for the seller in this transaction. The buyer, Hudson Valley Property Group, is noted for acquiring properties within the affordable housing sector, aligning with the community's focus.