California Firm Pays $113 Million for White Plains Apartment Building
Real Estate In-Depth | October 3, 2022
WHITE PLAINS—The Friedkin Property Group of San Francisco has acquired the 260-unit Windsor at The Gramercy apartment property in White Plains for $113 million.
The sale transaction for the property at 2 Canfield Ave., was brokered by CBRE, which represented the seller—national real estate investment management firm GID—in the deal. CBRE also procured the buyer.
Built in 2003, the Windsor at The Gramercy is an eight-story Class-A multifamily community located adjacent to the White Plains CBD, next to J Harvey Turnure Memorial Park. The property offers amenities that include a resident lounge with a fireplace, heated outdoor pool, fitness center, private dog park, billiards room and theatre room.
The CBRE team that worked on the deal was led by Jeff Dunne, Eric Apfel, Jeremy Neuer, Stuart MacKenzie, and Zach McHale.
The property is walking distance to dozens of restaurants (including Serafina, BLT Steak, and Mulino’s), as well as to The Westchester Mall, Whole Foods and Stop & Shop, and is less than one mile from the White Plains Metro North Train Station and Transportation Center.
CBRE’s Dunne said, “We are delighted to represent GID in the sale of this institutional grade asset. There was significant interest in the offering due to its central location in White Plains and the opportunity to add value by renovating apartments and upgrading amenities to contemporary resident tastes. While southern markets are seeing a significant slowdown in rental growth and transaction activity, the New York City metro still offers compelling value to investors in terms of yield, durability of incomes, and constrained supply growth.”
“White Plains sits at the center of Westchester’s dense wealth corridor, surrounded by 10 of the wealthiest towns in the county. It’s both the closest northern suburb of the largest economic hub in the United States and has extraordinary access to Westchester-based Fortune-500 employers like Regeneron, IBM, PepsiCo, Mastercard, Morgan Stanley, Siemens, Danone and more,” CBRE’s Apfel added,
According to FPG’s website, the deal marks its entrance into the Westchester County multifamily market. Its other New York State portfolio holdings include: Hudson House and The Allure in Mineola and the Point at Pine Ridge in Suffolk County.