Talleyrand Apartments Trades for $91 Million
Real Estate In-Depth | April 2018
TARRYTOWN—An affiliate of the DSF Group has acquired the Talleyrand Apartments complex here in a deal reportedly valued at more than $90 million.
Commercial brokerage firm CBRE reported that Jeffrey Dunne, Gene Pride and Eric Apfel represented the seller in the transaction for the 300-unit multifamily community. Multiple press reports citing public records stated that Equity Residential sold the property for approximately $91 million. CBRE’s press announcement did not divulge the identity of the seller or the sale price of the property.
“There was strong demand for the offering given the fantastic location in Tarrytown, which continues to be recognized as one of the hottest neighborhoods in Westchester with value add potential,” said Dunne, a vice chairman at CBRE. “The DSF Group will do very well with the asset, as they have a great track record of creating value with similar opportunities. Purchasing the Talleyrand Apartments is a logical expansion of their current Westchester portfolio.”
Josh Solomon, president of DSF, stated, “We are excited to further expand our presence within the metro New York market, and we look forward to bringing our amenity-rich Halstead brand to Tarrytown.”
CBRE stated that apartment rents in the Tarrytown area have increased by more than 3.1% on average since 2009 and noted that there is limited new supply in the region due to the high barriers of entry for new construction.
DSF Group, which has offices in Waltham, MA and Fairfax, VA, is a major multifamily investor in Westchester County. In 2013 the firm acquired the 39-story, 588-unit Avalon on the Sound East in New Rochelle for $210 million. The same year DSF acquired 25 Martine Ave. in White Plains for $34 million. In 2015, DSF Group paid nearly $149 million in 2016 for the La Rochelle, a 412-unit, 25-story luxury apartment tower in New Rochelle.
DSF Group sold 25 Martine Ave. in 2017 to Ginsburg Development Companies for $35.25 million.