Avalon Mamaroneck sold for $103.7M

Avalon Mamaroneck, a 229-unit apartment community at 746 Mamaroneck Ave. in Mamaroneck has been sold for $103.7 million, according to a document filed with the Westchester County Clerk’s Office. The sale that occurred Oct. 31 transferred the property from AvalonBay Communities Inc. to CF Multifamily Westchester DST. AvalonBay Communities has an address in Arlington, Virginia, while a document shows CF Multifamily’s address as being in care of Canter Fitzgerald L.P. in Manhattan.

Affiliates of Cantor Fitzgerald and Harbor Group International LLC established a joint venture for the acquisition. Cantor Fitzgerald is known as an international financial services group and investment bank while Harbor is a privately owned international real estate investment and management firm.

HGI and its affiliates control an investment portfolio of approximately $20 billion, including 58,000 apartment units in the U. S. and five million square feet of commercial space throughout the U. S. and the United Kingdom. In addition to its corporate headquarters in Norfolk, Virginia, HGI maintains offices in New York, Baltimore, Los Angeles, and Tel Aviv.

Cantor Fitzgerald was founded in 1945. Many people outside of the financial community first became familiar with the company when the World Trade Center was attacked. Cantor Fitzgerald, which had its headquarters high up in the North Tower of the World Trade Center, lost 658 employees on Sept. 11, 2001.

Avalon Mamaroneck was built in 1999 and was renovated in 2018. It is on a site located between Mamaroneck Avenue, New Street, Grand Street and E. Old White Plains Road. The rental apartments are equipped with what are described as luxury amenities including washers and dryers, stainless steel appliances, walk-in closets, and balconies. Avalon’s property amenities include a pool, BBQ stations, resident lounges, a fitness center, and package assistance.

A one-bedroom one-bath unit of 1,041 square feet recently was advertised for rent at $3,325 a month. A two-bedroom two-bath unit with 1,146 square feet was advertised at $4,490 per month.

“Mamaroneck has many of the desirable attributes we target when acquiring multifamily properties, including a well-educated and high-earning workforce, supply constraints for new construction, and an imbalance between the cost of renting an apartment and home ownership,” said Matthew Keefer, who heads multifamily acquisitions at Cantor Fitzgerald Asset Management.

“Avalon Mamaroneck offers an attractive, well-located housing option situated in the affluent area of Westchester County’s Gold Coast,” said Yisroel Berg, chief investment officer – multifamily at HGI. “We are thrilled once again to partner with Cantor Fitzgerald to acquire a high-quality asset.”

According to Chris Milner, chief investment officer – real assets at Cantor Fitzgerald Asset Management, the joint venture with HGI to acquire the Mamaroneck property is part of a growing relationship between the firms.

“With the acquisitions of Avalon Mamaroneck and The Archer in Acworth, located in the greater Atlanta area, along with HGI assuming property management at Summerfield at Morgan Metro in the greater Washington D.C. area, our relationship with HGI continues to grow,” Milner said. “We are thrilled to add HGI to our group of first-class operating partners who share our commitment to creating shareholder value.”

Bill Weber and Henry Stimler of commercial real estate and advisory services firm Newmark introduced Cantor Fitzgerald and HGI and secured the financing for the acquisition. CBRE represented the seller, AvalonBay Communities, with Jeff Dunne brokering the sale.