Harbor Group, Cantor Fitzgerald Joint Venture Buys Avalon Mamaroneck Apartment Complex

Harbor Group, Cantor Fitzgerald Joint Venture Buys Avalon Mamaroneck Apartment Complex
The 229-unit Avalon Mamaroneck property was built in 1999 and renovated in 2018 by AvalonBay Communities.

NEW YORK—A joint venture between affiliates of New York City-based Cantor Fitzgerald L.P. and Harbor Group International, LLC of Norfolk, VA has acquired Avalon Mamaroneck, a 229-unit Class A multifamily community in Westchester County, from AvalonBay Communities, the developer of the property in the Town of Mamaroneck.

Avalon Mamaroneck located at 746 Mamaroneck Ave. was built in 1999 and renovated in 2018. No financial terms of the transaction were disclosed.

Among the property’s in-unit features include washers and dryers, stainless steel appliances, walk-in closets, and balconies. Avalon’s property amenities include a pool, BBQ stations, fire pits, resident lounges, a fitness center and package assistance.

“Avalon Mamaroneck offers an attractive, well-located housing option situated in the affluent area of Westchester County’s Gold Coast,” said Yisroel Berg, Chief Investment Officer – Multifamily at HGI. “We are thrilled once again to partner with Cantor Fitzgerald to acquire a high-quality asset.”

“Mamaroneck has many of the desirable attributes we target when acquiring multifamily properties, including a well-educated and high-earning workforce, supply constraints for new construction, and an imbalance between the cost of renting an apartment and home ownership,” noted Matthew Keefer, Head of Multifamily Acquisitions at Cantor Fitzgerald Asset Management.

“With the acquisitions of Avalon Mamaroneck and The Archer in Acworth, located in the greater Atlanta area, along with HGI assuming property management at Summerfield at Morgan Metro in the greater Washington D.C. area, our relationship with HGI continues to grow. We are thrilled to add HGI to our group of first-class operating partners who share our commitment to creating shareholder value,” added Chris Milner, Chief Investment Officer – Real Assets at Cantor Fitzgerald Asset Management.

Situated in the Mamaroneck CBD, the property is within a five-minute walk of the Mamaroneck Metro-North Train Station providing service to Midtown Manhattan in approximately 40 minutes.

Newmark’s Bill Weber and Henry Stimler introduced Cantor Fitzgerald and HGI and secured the financing for the acquisition. CBRE’s New York Metro Institutional Sales team, led by Jeff Dunne, Stuart MacKenzie, Eric Apfel and Travis Langer, represented the seller, AvalonBay Communities, and procured the buyer.

Dunne, a Vice Chairman with CBRE, said, “There was significant interest in the asset due to its prime location in Mamaroneck with easy walkability to the train offering seamless 35-minute access to Manhattan. Mamaroneck also offers a top school system and great access to the Long Island Sound.”

CBRE’s MacKenzie added, “We’re delighted to represent AvalonBay in the sale of this generational asset. With limited competition, renters will continue to be drawn to Mamaroneck’s public school system, walkable downtown, and easy accessibility to Manhattan and the greater region.”

CBRE Institutional Properties Group is marketing several investment opportunities in the New York metro region including: 15 Bank Apartments, a 501-unit high-rise apartment building at the White Plains Metro-North train station; Hudson Mews, a 288-unit Class A multifamily community in North Bergen, NJ and One23 Apartments, an 80-unit Class A multifamily community in Union City, NJ.

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