White Plains multifamily community trades for $113M
Friedkin Property Group purchased Windsor at The Gramercy
San Francisco-based Friedkin Property Group is making a multifamily play on the opposite coast, snapping up a Westchester County apartment building for $113 million.
The real estate investment group purchased Windsor at The Gramercy in White Plains, Real Estate Weekly reported. GID Development Group was the seller. The property last traded hands in 2006 for $78 million, according to Multi-Housing News.
The multifamily building, at 2 Canfield Avenue, was built in 2003. It has 260 units and amenities such as a resident lounge, heated outdoor pool, fitness center, billiards room, theater room and private dog park. The property is a five-minute drive or 32-minute walk from the nearest Metro-North train station.
The eight-story property includes affordable units, Multi-Housing News added. In a statement, CBRE’s Jeff Dunne called it a value-add opportunity, meaning it could command higher rents if apartments and amenities were upgraded.
A CBRE team including Dunne and Eric Apfel represented the seller and procured the buyer.
Friedkin’s portfolio spans 13 states, though this is the company’s first foray into Westchester. The firm has three other properties https://friedkinproperty.com/portfolio#NY in New York, including two in Mineola and one in Suffolk County.
Friedkin is reportedly getting involved with a stalled redevelopment plan in Houston, which is being spearheaded by Transwestern. Friedkin appears to be gearing up to build an Auberge Collection of Resorts featuring a hotel and residences; Compass will handle the sales.
White Plains has a number of multifamily developments in the works. At the start of the year, Mill Creek Residential Trust proposed the adaptive reuse of a warehouse on Westmoreland Avenue, calling for a 191-unit development.
A year ago, Stamford-based RMS Companies proposed a 134-unit, six-story multifamily building on South Broadway, which would replace a vacant structure that formerly housed a baseball and softball training facility.
— Holden Walter-Warner