Developer acquires 2-building New Rochelle apartment complex for $32M

Tuckahoe-based K5 Equities has bought the Green Dolphin Apartments in New Rochelle for $32 million, the Daily Voice Plus reported. The deal, finalized on June 4, saw Whitehall Properties, an affiliate of New York-based Pan Am Equities, unload the 120-unit complex to two affiliates of K5, whose CEO is veteran Harlem real estate investor Steven Kessner. Capital One provided a $20.5 million mortgage to K5 for the complex, which is comprised of a pair of six-story structures located at 720-730 Pelham Road, according to the outlet, which noted that Pan Am Equities initially bought the property for $5.1 million in 1996. K5’s current portfolio includes properties throughout Westchester and Fairfield counties. [DVP] — Brian Baxter