Avalon Green, a multifamily community in Elmsford, was acquired for $306 million by affiliates of Harbor Group International LLC (HGI) and Azure Partners.
The development was built in three phases ”“ in 1995, 2012 and 2016 ”“ and consists of 617 units within a mix of townhouses, apartment homes and stacked flats.
HGI plans to implement a $9.2 million capital improvement program across the community to refresh amenities and common areas and modernize select interior units.
“Avalon Green is an attractive fit for HGI’s multifamily portfolio given its strategic location between several employment centers and transportation options along with the significant value-add potential of the community,” said Richard Litton, president of Norfolk, Virginia-based HGI. “We see long-term demand fundamentals for the Westchester area as renters seek housing in suburban markets.”
