Harbor Group International Acquires Multifamily Property In Westchester From AvalonBay For $306M
SOLD
$306,000,000
+ 2
New York
See Similar DealsMultiFamily724,974 SF
Sold 07/25/2022
SOLD
Harbor Group International Acquires Multifamily Property In Westchester From AvalonBay For $306M
500 Town Green Drive
See Similar DealsMultiFamily724,974 SF
Sold 07/25/2022
+ 2
Summary
NEW YORK
Asset Type:MultiFamily
Price Per Square Foot:$422
Total Square Footage:724,974 SF
Transaction Type:Sale
The multifamily property located at 500 Town Green Dr. in Westchester has been sold in a transaction worth $306,000,000. The property consists of 617 units with an average price per unit of $495,948. The total square footage of the property is 724,974, resulting in a price per square foot of $422. The seller of the property was AvalonBay, while the buyer was Harbor Group International.
Summary of transation details
- Property Type: Multifamily
- Transaction Amount: $306,000,000
- Address: 500 Town Green Dr.
- Market: Westchester
- Units: 617
- Price Per Unit: $495,948
- Total Square Footage: 724,974
- Price Per Square Foot: $422
The transaction was facilitated by the brokers Jose Cruz, Steve Simonelli, Michael Oliver, Andrew Scandalios, and Josh Stein from JLL. They represented both the buyer, Harbor Group International, and the seller, AvalonBay, in the deal.
Players
SELLER
Details
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Deal Type
30 years
10 years
Operating Income
Operating Expenses (Annual)
Net Operating Income (NOI)
$16,320,000.00
Debt Service Coverage Ratio (DSCR)
0.94x
Cap Rate
5.33%
Cash Flow (Annual)-$1,087,153.37
Cash-on-Cash Return-1.27%
Monthly Debt Service$1,450,596.11
Annual Debt Service$17,407,153.37
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