DSF Group Pays $149 Million For New Rochelle Rental Tower
Real Estate In-Depth | November 2016
NEW ROCHELLE—Boston-based DSF Group has acquired the La Rochelle, a 412-unit, 25-story luxury apartment tower in New Rochelle, for $148.5 million.
The deal was announced by Holliday Fenoglio Fowler, L.P., which marketed the property exclusively on behalf of the seller, 255 Huguenot Street, Corp. The DSF Group purchased the asset free and clear of existing debt.
La Rochelle comprises 43 studio, 142 one-bedroom, 185 two-bedroom and 42 three-bedroom units, including loft-style apartments and penthouse suites. The property also has approximately 6,000 square feet of ground-floor retail, a 422-space parking garage and rights for the development of an additional 40-story residential tower. Amenities include an outdoor swimming pool with sundeck, clubroom with fireplace, conference room, state-of-the-art fitness center, yoga room and a landscaped courtyard with grilling area.
The HFF investment sales team representing the seller was led by senior managing director Jose Cruz, managing director Kevin O’Hearn, directors Michael Oliver and Stephen Simonelli and supported by senior managing director Andrew Scandalios.
“The DSF Group saw significant upside in the tower and the local market,” stated Cruz. “Multifamily assets continue to attract core and core plus capital to urban markets within the New York area.”
The DSF Group President Josh Solomon added, “We are thrilled to expand our presence in the New Rochelle submarket after having already enjoyed tremendous success in the market with the purchase of the adjacent 588-unit, 40-story Halstead New Rochelle property.”