Three New Rochelle Properties Change Hands in $7.5M Deal
John Jordan | June 2015
NEW ROCHELLE—Holliday Fenoglio Fowler, L.P. announced recently that it had closed the $7.475-million sale of three apartment properties totaling 65 units in New Rochelle.
HFF marketed the properties on behalf of the seller, JEM Holdings of New York City. Virginia City, LLC purchased the offering and assumed the existing mortgage, the brokerage firm reported.
The three apartment buildings are located at 347 Huguenot St., 778 Main St., and 10-14 Glencar Ave. The portfolio has a mix of 39 one-bedroom units, 24 two-bedroom units and two three-bedroom units and all three properties are 100 % leased. 778 Main Street also includes one fully-leased ground floor retail space.
The HFF investment sales team was led by associate director Stephen Simonelli along with senior managing director Jose Cruz, managing director Kevin O’Hearn and associate director Michael Oliver.
“The New Rochelle portfolio represented the opportunity to acquire three well-located apartment communities within one of Westchester County’s strongest submarkets. The seller was able to take advantage of the significant desire for multi-housing properties in Westchester County, while the buyer will be able to add substantial value to the portfolio,” said HFF’s Simonelli.