Outdoor space was especially important to movers to the Midwest, while movers to the Northeast were particularly driven by the need for more square footage and a better work commute.
The real estate industry has expressed concerns regarding the potential repercussions of the FARE Act.
NAR continues to believe that offers of compensation are an important option to help make professional representation more accessible.
ELMSFORD—A joint venture of affiliates of Norfolk, VA-based Harbor Group International, LLC and Azure Partners of New York City has acquired the Avalon Green multifamily community in Elmsford for $306 million.
The joint venture announced on July 25 that it would further implement a $9.2-million capital improvement program across the 617-unit community to refresh amenities and common areas and modernize select interior units.
Built in three phases in 1995, 2012 and 2016 by AvalonBay Communities, the property features a mix of townhouses, apartment homes and stacked flats. A portion of HGI’s capital improvement program will focus on updating the interiors in Phase I and Phase II of the community to include contemporary finishes.
“Avalon Green is an attractive fit for HGI’s multifamily portfolio given its strategic location between several employment centers and transportation options along with the significant value-add potential of the community,” said Richard Litton, President, HGI. “We see long-term demand fundamentals for the Westchester area as renters seek housing in suburban markets.”
Amenities offered at the Avalon Green property include two saltwater swimming pools, a clubhouse and resident lounge and detached garages.
Last week, affiliates of Harbor Group International acquired Miro Brickell, a 372-unit, Class A multifamily property in the Brickell neighborhood of Miami, for $184.5 million. The acquisition marks the seventh property currently under HGI’s ownership in Miami-Dade County, spanning more than 1,500 units.
On the disposition side, Harbor Group International has sold a 212-unit, four-story Class A luxury apartment complex in Parsippany, NJ for $82.5 million. In a deal announced by brokerage firm JLL on July 26, The Mark Parsippany property was acquired by The DSF Group of Boston.
Harbor Group International, LLC, and its affiliates control an investment portfolio of $19 billion including 4.9 million square feet of commercial space throughout the United States and the United Kingdom and 63,000 apartment units in the United States. In addition to its corporate headquarters in Norfolk, Virginia, HGI maintains offices in New York, Baltimore, Los Angeles, and Tel Aviv.
Azure Partners is a real estate investment firm founded in 2010 by Michael Dennis (Chairman) and Arthur Rosenberg (CEO). Since its founding, Azure has purchased approximately $2.5 billion of assets.
That fact that both sales and home prices continue to increase is an indication of the high demand and low supply that exists throughout the New York metro area and lower Hudson Valley,” said HGAR CEO Lynda Fernandez.
“Mortgage rates in Trump’s first term (at 4%) were the good old days. Are we going to go back to 4%? Per my forecast, unfortunately, we will not. It’s more likely that we’ll go back to 6%.
New York City remains a top market for investment for international groups.
Some of the highlights of the two-day event included the selection of 2024 HGAR award winners, including Realtor of the Year Tony D’Anzica and Affiliate of the Year Richard Haggerty.
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