Data shows that from 1996-2021, the Hudson Valley region lost a net total of 146,763 people to out migration, which calculates out to 5% of the Hudson Valley’s population.
Elected officials, seeking to appease vocal constituents, frequently uphold restrictive zoning laws that favor single-family residences over more diverse housing options.
In 2023, the Rockland County Office of Consumer Protection investigated 617 complaints and returned $66,000 to homeowners.
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.
Data shows that from 1996-2021, the Hudson Valley region lost a net total of 146,763 people to out migration, which calculates out to 5% of the Hudson Valley’s population.
“2023 was a difficult year for Realtors due to high mortgage rates and low housing inventory, which significantly impacted home sales volume,”
The program offered the latest home sales data and trends for Rockland County, updates on the NAR Commission settlement, and perspectives on topical business and political issues.
Only Westchester saw a slight increase in closed sales for single-family homes, with a 4.6% gain.
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.
