Developer buys Yonkers affordable housing community for $48.3M

Hudson Valley Property Group shelled out $48.3 million for an affordable housing community in Yonkers, the Westchester County Business Journal reported. The 311-unit Parkledge community has had “an occupancy rate of over 97 percent since 2016,” and 90 percent of its units are affordable, according to the outlet. CBRE executive vice president of CBRE Affordable Housing Tim Flint, CBRE vice chairman Jeff Dunne, senior vice president Gene Pride and senior financial analyst Eric Apfel represented the unidentified seller. “We saw multiple attractive offers on this property and were able to secure a great buyer for the property — ensuring that much needed affordable housing will stay available in the greater New York area,” Flint said. [WBJ]