UPDATED, July 27, 2022, 3:45 p.m.: Two partners are teaming up again on a multifamily acquisition in the tri-state area.
Affiliates of Harbor Group International and Azure Partners purchased the 617-unit Avalon Green garden-style community for $306 million, Multi-Housing News reported. AvalonBay was the seller of the Elmsford property in Westchester County in the transaction that breaks down to $495,948 per unit.
The 94-acre property includes a mix of homes, including townhouses, apartments and stacked flats. The partners plan to infuse $9.2 million into the property to modernize some units and upgrade amenities.
Harbor Group International will serve as property manager for the community, set to be redubbed as the Vista at Town Green.
At the time of sale, the property at 500 Town Green Drive was more than 98 percent occupied. The average unit size is 1,130 square feet, while the average rent is $3,468. There are 167 affordable housing units in the complex and every unit in the community has a washer and dryer.
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Amenities at the community include two saltwater pools, a clubhouse, a resident lounge, a fitness center, a business center and a playground.
HGI and Azure have linked up before, previously teaming to buy a different multifamily property from AvalonBay. In 2016, the two firms acquired the 504-unit eaves Nanuet in Rockland County for $147 million. Three years later, they sold the rebranded Peaks of Nanuet to Mill Creek Residential for $180 million.
HGI in April purchased the 275 FontaineParc apartment building in West Miami-Dade County for $50 million. The deal for the 133-unit property, completed in 2020 and fully leased within six months, broke down to $379,939 per unit.
AvalonBay and Abode Communities recently pitched plans to build more than 1,200 apartments at a former Marine Corps Air Station in Tustin, California. The partners reportedly entered into an exclusive negotiating agreement with the city for the 20-acre development in May.
This article has been updated to reflect Harbor Group International, not AvalonBay, will serve as manager of the property.
— Holden Walter-Warner