Yonkers Apartment Tower Trades for $48 Million
Real Estate In-Depth | September 4, 2019
YONKERS—The 311-unit Parkledge apartment tower here has been acquired by the Hudson Valley Property Group, LLC for $48.3 million.
The transaction for the affordable rental apartment complex was reported by CBRE Affordable Housing and CBRE’s New York Institutional Group. Tim Flint, executive vice president of CBRE Affordable Housing, along with CBRE’s Jeff Dunne, Gene Pride and Eric Apfel represented the seller in the transaction.
An affiliate of Hudson Valley Property Group LLC received more than $1 million of tax incentives for the acquisition and planned renovations for the affordable housing complex from the Yonkers Industrial Development Agency this past spring.
The Yonkers IDA approved incentives for Parkledge Preservation, LLC to acquire and renovate the Parkledge apartments, which is located on a 4.32-acre site at 220-250 Yonkers Ave. The high-rise apartment building is comprised of 311 one-, two-, three- and four-bedroom apartments which are affordable to low-income families. All of the apartments are income restricted and subsidized through the Mitchell-Lama HUD Section 236 program.
The renovations are to involve replacing roofing and insulation; repairs to the facades; upgrades to the elevator cabs; water-saving and energy efficiency measures and security upgrades throughout the property. The renovations are expected to take approximately 12 months to complete. No tenants will be displaced during the construction period. The project is expected to create 55 construction jobs and retain 13 full-time jobs.
The rental apartment complex had been owned by Casco Bay Realty LP, which is affiliated with the Maine-based affordable housing developer/owner Wishcamper Group, according to the Journal News.
The property has maintained a high occupancy of over 97% since 2016 and 90% of Parkledge’s units are kept affordable by a LIHTC Land Use Restrictive Agreement. The property has a desirable mix of one-, two-, three-, and four-bedroom apartments. The property is a 30-minute commute from Downtown Manhattan.
“My partner and I were born and raised in the Hudson Valley. We’re excited to be able to ensure that Parkledge remains quality affordable housing for families here in Yonkers for many years to come,” said Jason Bordainick, president at Hudson Valley Property Group. “We thank the city and IDA for their support and for CBRE in running a smooth process. We look forward to building upon the work of previous ownership in continuing to make the property a great place to call home for the residents.”
Equity for the transaction was provided by Hudson Valley Preservation Fund. The new owner plans to preserve the property as quality affordable housing and continue to invest in the building, prioritizing renovations that will increase energy efficiencies and resident security and quality of life, according to CBRE.
“New York continues to be a hotbed for affordable housing investments,” said Tim Flint, EVP at CBRE Affordable Housing, “We saw multiple attractive offers on this property and were able to secure a great buyer for the property—ensuring that much needed affordable housing will stay available in the greater New York area.”
CBRE New York Institutional Group is currently marketing for sale La Bonne Vie, a 643-unit apartment community in Patchogue, NY; The Royce, a 340-unit apartment community in Trumbull, CT; The Monroe, a 148-unit apartment complex in Morristown, NJ; Avalon Shelton, a 250-unit apartment community in Shelton, CT and The Waypointe, a 464-unit apartment community in Norwalk, CT.