The Castle, a 120-unit luxury apartment complex in Port Chester, was sold for $38.5 million by Phoenix Castle LLC to Anthros Properties.
The property was developed by Phoenix Capital Partners LLC and opened in 2016. The $50 million development included studio, one-bedroom and two-bedroom rentals ranging from $1,968 to more than $3,000 per month, along with a ground-floor office, parking garage, 24-hour fitness center, private movie theater and clubroom and a rooftop terrace.
JLL Capital Markets arranged financing for the acquisition, placing a $28 million loan with Fannie Mae. The transaction was completed in late March.
“The Castle is a Class A asset in a transit-oriented location, such that lenders were able to understand and get comfortable with Anthos’ business plan to maximize the value of the property in order to provide very aggressive terms for the loan,” said JLL Senior Managing Director Gaines.