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.
Starting out in her 20s, Rondon worked with real estate legend Faith Hope Consolo while at Garrick Aug Associates, where she spent 13 years.
NEW ROCHELLE—An affiliate of Boston-based The DSF Group, which has been a very active player in the Westchester County multifamily sector, has sold Halstead Station, a 24-story, 408-unit, luxury tower adjacent to the New Rochelle Metro North train station, for $200 million.
The deal was announced by brokerage firm JLL, which represented The DSF Group in the transaction. Kholsa Capital LLC acquired the asset in a preferred equity venture with Pacific Urban Investors.
Built in 2001, Halstead Station features studio, one-, two- and three-bedroom units with open floor plans, large windows with panoramic views, light-filled kitchens and plush carpeting. Select units feature in-unit washers and dryers and walk-in closets. Community amenities include a state-of-the-art fitness center, a resident lounge, a CrossFit gym, a yoga and stretching area, a fully equipped training studio, complimentary fitness classes, an outdoor swimming pool, a courtyard with barbecue grills, a dog bark park, a kids’ lounge, private conference pods and a business center.
“We are excited to acquire an institutional quality asset in one of Westchester County’s premier locations. Given its strategic location, its value-add potential and all the development in New Rochelle, Halstead Station is a great fit for our portfolio. We look forward to improving the property; enhancing the living experience for our residents and creating value for our investors,” Khosla Capital said in a statement.
The JLL Capital Markets Investment Advisory team representing the seller was led by Jose Cruz, Steve Simonelli, Michael Oliver, Andrew Scandalios, Kevin O’Hearn, Marion Jones and Josh Stein.
“Demand for New Rochelle multi-housing remains very strong with investors underwriting significant rental upside in the market,” stated JLL’s Cruz.
Josh Solomon, President of The DSF Group, stated, “The sale of Halstead Station represents another successful execution of our value-add strategy and the completion of our second investment in New Rochelle.”
The DSF Group has been very active in Westchester County. In December 2018, the DSF Group sold the 40-story Halstead New Rochelle Metro North apartment tower here for $259.4 million to a partnership of Azure Partners and Harbor Group International, LLC. The DSF Group had acquired the 588-unit apartment building in 2013 for more than $210 million.
In November 2016, The DSF Group purchased the La Rochelle, a 412-unit, 25-story luxury apartment tower in New Rochelle, for $148.5 million in a deal brokered by HFF. The DSF Group purchased the asset free and clear of existing debt.
Outside of New Rochelle, in early 2017, the DSF Group sold its Halstead White Plains property near the White Plains train station to Ginsburg Development Companies. The 12-story, 124-unit rental building traded for $35.25 million.
The DSF Group has invested more than $4 billion in over 12,000 multi-family units, offices in Boston and Washington D.C. Kholsa Capital LLC has more than 25 years of experience in investment real estate, Khosla Capital and DKJ Equity have a track record of securing superior risk-adjusted returns and preserving real estate values. Together these privately held real estate companies own and manage more than $450 million in multifamily assets in the tri-state area. Pacific Urban Investors is a U.S. multifamily owner, operator, and investment manager with a portfolio of more than 15,000 units and over $6.5 billion of assets under management.
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.
Receive original business news about real estate and the REALTORS® who serve the lower Hudson Valley, delivered straight to your inbox. No credit card required.
