Parkledge, a 311-unit affordable housing community in Yonkers, has been sold for $48.3 million to Hudson Valley Property Group.
“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,” said Tim Flint, executive vice president of CBRE Affordable Housing, who along with CBRE Vice Chairman Jeff Dunne, Senior Vice President Gene Pride and Senior Financial Analyst Eric Apfel represented the seller in the transaction.
“Yonkers continues to experience strong investor interest given its proximity to Manhattan and the vast improvements and redevelopment occurring throughout the city,” Dunne said.
Parkledge has maintained an occupancy rate of over 97% since 2016, with 90% of the property’s units are kept affordable by a LIHTC Land Use Restrictive Agreement. The property has a mix of one-, two-, three-, and four-bedroom apartments.
Equity for the transaction was provided by Hudson Valley Preservation Fund. The new owner plans to preserve the property as quality affordable housing and continue to invest in the building, prioritizing renovations that will increase energy efficiencies and resident security and quality of life.