Multifamily development Peaks of Nanuet sells for $180M

The 504-unit Peaks of Nanuet apartment community in Rockland County was sold for $180 million to Mill Creek Residential Trust of Boca Raton, Florida.

The 54-acre development at 100 Avalon Gardens Drive was built by AvalonBay Communities in 1998 and features one-, two- and three-bedroom apartments with rents ranging from $1,850 to $3,050. The new owner has rebranded the development as Alister Nanuet.

The property”™s sellers, Harbor Group International LLC and Azure Partners LLC, acquired Peaks of Nanuet in 2016 for $147 million.

“The transaction cycle of the Peaks of Nanuet demonstrates Harbor Group International”™s disciplined approach to investing in quality assets in high-demand areas and maximizing their potential,” said Richard Litton, president of Harbor Group International. “We will continue to identify value-added properties within strong markets and divest these assets once they achieve their business plan to deliver strong returns to our investors.”