Goldman Sachs Fund Acquires Avalon Bronxville Multifamily Property
Real Estate In-Depth | June 30, 2021
BRONXVILLE—A 110-unit multifamily property built more than two decades ago here has been acquired by a fund managed by New York City-based Goldman Sachs Asset Management.
Goldman Sachs acquired Avalon Bronxville, which was built and renovated in 2012 by owner AvalonBay Communities for an undisclosed price.
Avalon Bronxville, which is located adjacent to the Metro North Bronxville train station, features a fully equipped fitness center, resident lounge, concierge, covered parking, package lockers and outdoor BBQ/picnic areas. The CBRE team of Jeffrey Dunne, Gene Pride, Jeremy Neuer, Steve Bardsley, Travis Langer and Stuart MacKenzie represented the seller, AvalonBay Communities, and also procured the buyer.
“There was significant interest in the offering due to its location in downtown Bronxville and adjacency to the train offering access to Midtown Manhattan in 28 minutes,” said CBRE’s Dunne. “Lower Westchester County has high barriers-to-entry, as it is highly site-constrained with strict zoning laws, making development of new rental communities difficult.”
CBRE Institutional Properties is currently marketing for sale: The Essex County Workforce Housing Portfolio, an eight-property apartment portfolio consisting of 536 units in East Orange and Newark, NJ; Glenview House, a 146-unit apartment community in Stamford, CT; Harbourside SONO, a 129-unit newly developed apartment community in Norwalk, CT; and development parcels for multifamily in South and East Orange, NJ, Plainfield, NJ and in White Plains.