The Highlands at Rye apartment complex with street addresses of 131-147 Purchase St., 151 Purchase St. and 16 Wappanocca Ave. has been sold, according to records on file with the Westchester County Clerk’s Office. The consideration was $50.25 million, according to a document. The properties have a total of 109 apartments along with commercial space.
According to Michael Kessner of White Plains-based K5 Equities, K5 sold the properties to Copperline Partners, a real estate development and investment company. Copperline lists offices in Freeport, Stamford and West Palm Beach, Florida. Documents on the sale show the purchaser as CLP-Rye Highlands LLC at the same Freeport address as Copperline.
K5 Equities bills itself as “a multi-functional, family-owned private equity real estate investment firm that focuses on acquiring, managing, adding value and repositioning various classes of real estate assets in the New York City metropolitan area.” K5’s portfolio includes residential and commercial properties in White Plains, Yonkers, Hartsdale, Port Chester, and the Bronx among other communities. Steve and Michael Kessner are listed as principals of the company.
Highlands at Rye describes itself as “a garden courtyard apartment community that has been beautifully renovated to reveal its historic elegance.” The complex offers apartments ranging in size from studios to three-bedroom units. A one-bedroom 670-square-foot unit was shown on Highlands at Rye’s website as of April 14 with a rent starting at $2,475 per month.
The sale was arranged by Adam Kessner, owner of Milton Point Realty Advisors.
