Port Chester apartment complex The Castle sells for $38.5M

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.