Redwood Team Completes Mount Vernon Sale
John Jordan | May 24, 2016
MOUNT VERNON– Redwood Realty Advisors announced on May 16th the closing of two apartment buildings in Mount Vernon for a price of $7.5 million and a cap rate of 6.9%. The two properties are located on the same block of South Second Avenue. The sale included one 34-unit apartment building and a second mixed-use apartment with 35 apartments and seven commercial spaces.
The property had a number of attributes, including its location within walking distance to the Mount Vernon Train Station and close proximity to key interstates and local parkways. Redwood Realty Investment Associates Michael Scrima and Thomas Gorman brokered the transaction. “This asset really offered a great location for commuters, and the buyer recognized the tremendous potential to implement a renovation program and capture the future upside,” said Scrima.
Editor, Real Estate In-Depth