AvalonBay Sells Nanuet Complex for $147 Million

Real Estate In-Depth | September 2016

eaves Nanuet features 504 rental units and is 97% leased.

NANUET—Holliday Fenoglio Fowler, L.P. announced earlier this month it had closed the $147-million sale of eaves Nanuet, a 504-unit multi-housing community in Nanuet in Rockland County.

HFF marketed the property exclusively on behalf of the seller, AvalonBay Communities, Inc.  A joint venture between Harbor Group International, LLC and Azure Partners LLC purchased the asset free and clear of existing debt. The transaction represents one of the largest apartment sales to have occurred in Rockland County.

The eaves Nanuet development is situated on 54 acres at 100 Avalon Gardens Drive. The transit-oriented property is located near Interstate 287’s intersection with the Garden State Parkway and Palisades Interstate Parkway and Nanuet’s Metro North train station and park and ride lot, providing access to the George Washington Bridge and Midtown and Lower Manhattan. The 97% leased community has 64 buildings totaling 504 homes, with a diverse mix of one-, two- and three-bedroom apartments averaging 1,208 square feet in size.

Apartments feature loft spaces, gas fireplaces, closet and attic storage, in-unit washers and dryers, direct-access personal garages and patios/balconies.  Community amenities include an outdoor swimming pool with sun deck, two tennis courts, grilling areas, two playgrounds, clubhouse, fitness center, yoga room, indoor basketball and racquetball courts and a resident lounge with fireplace and business center.

The HFF investment sales team that represented the seller was led by senior managing director Jose Cruz, managing director Kevin O’Hearn, directors Michael Oliver and Stephen Simonelli and associate director Robert Borny.

“Demand for well-located, value-add multi-housing continues to be very strong – especially in high-income submarkets like Nanuet,” said Cruz.  “This property is one of the largest in the county and provides investors with significant upside.”

 

Photo Caption: eaves Nanuet features 504 rental units and is 97% leased.