Rye Brook-based National Multifamily Corp. has announced the completion of the sale of a 15-unit mixed-used lower Westchester portfolio under a 1031 exchange for $2.6 million.
The 15 unit free-market portfolio consists of two sites: 20 & 22 Mount Vernon Ave., a 10-unit property in Mount Vernon, and 186 Ashburton Ave. (pictured here), a five-unit property in Yonkers. All three properties have one retail on the ground level and apartments above.
Matt Cawley, president of National Multifamily, represented the seller, 1862022 LLC, and procured the buyer, 1020 60th Street LLC.
“We are pleased to have successfully sold the 15-unit Westchester County portfolio for our clients,” Cawley said. “We were able to procure multiple bids which led to a highly qualified local Yonkers-based group who was under a 1031 exchange being selected. Due to the drastic change in the debt market with the rise of interest rates, the deal was renegotiated to a higher price than was originally agreed to as the assumable debt that was part of the deal became more attractive. We were able to guide all parties to a successful assumption of the debt and we were able to close the deal for the buyers in a timely manner for their 1031 exchange.”
