Harbor Group pays $54M for Rockland County apartment complex

Sale of 169-unit property in Pomona comes amid strong suburban housing market

Tri-State /
Jun.June 18, 2021 04:00 PM
Jordan Slone of Harbor Group and The Henry at 1 Crystal Hill Drive (Harbor Group)

Jordan Slone of Harbor Group and The Henry at 1 Crystal Hill Drive (Harbor Group)

Harbor Group International paid $54 million for an apartment complex in Rockland County, amid the continued strong suburban housing market.

The deal for the 169-unit community at One Crystal Hill Drive in Pomona penciled out to around $319,500 a unit.

The seller was a joint venture of Spirit Investment Partners and the Bascom Group. A team led by CBRE’s Jeffrey Dunne and Gene Pride represented the seller.

Known as the Henry apartments, the complex was built in 2001, and is just east of Harriman State Park and just west of the Hudson River. Amenities include a pool and sundeck, clubhouse, billiards room, fitness center and basketball courts.

Spirit and Bascom secured a $30 million refinancing on the property in 2018 from Ares Management.

Single-family home sales in Rockland rose 34.5 percent in the first quarter from a year ago, according to the Hudson Gateway Realtors Association.

Harbor, led by Jordan Slone, has $13.5 billion in assets under management, according to the company. In April, the investment firm paid Chetrit Group $390 million for a 5,400-unit apartment portfolio across five states.





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