Windsor at The Gramercy, a 260-unit multifamily community in White Plains, was sold for $113 million.
Built in 2003, Windsor at The Gramercy is an eight-story Class-A multifamily community located adjacent to the White Plains central business district and next to J Harvey Turnure Memorial Park.
CBRE represented the seller, GID, an institutional investment manager, while also procuring the buyer, Friedkin Property Group, a privately held real estate investment group based in San Francisco with a national portfolio spanning 13 states.
“There was significant interest in the offering due to its central location in White Plains and the opportunity to add value by renovating apartments and upgrading amenities to contemporary resident tastes,” said CBRE Vice Chairman Jeff Dunne. “While southern markets are seeing a significant slowdown in rental growth and transaction activity, the New York City metro still offers compelling value to investors in terms of yield, durability of incomes, and constrained supply growth.”
