Harbor Group International JV Acquires Avalon Green for $306 Million
ELMSFORD—A joint venture of affiliates of Norfolk, VA-based Harbor Group International, LLC and Azure Partners of New York City has acquired the Avalon Green multifamily community in Elmsford for $306 million.
The joint venture announced on July 25 that it would further implement a $9.2-million capital improvement program across the 617-unit community to refresh amenities and common areas and modernize select interior units.
Built in three phases in 1995, 2012 and 2016 by AvalonBay Communities, the property features a mix of townhouses, apartment homes and stacked flats. A portion of HGI’s capital improvement program will focus on updating the interiors in Phase I and Phase II of the community to include contemporary finishes.
“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, HGI. “We see long-term demand fundamentals for the Westchester area as renters seek housing in suburban markets.”
Amenities offered at the Avalon Green property include two saltwater swimming pools, a clubhouse and resident lounge and detached garages.
Last week, affiliates of Harbor Group International acquired Miro Brickell, a 372-unit, Class A multifamily property in the Brickell neighborhood of Miami, for $184.5 million. The acquisition marks the seventh property currently under HGI’s ownership in Miami-Dade County, spanning more than 1,500 units.
On the disposition side, Harbor Group International has sold a 212-unit, four-story Class A luxury apartment complex in Parsippany, NJ for $82.5 million. In a deal announced by brokerage firm JLL on July 26, The Mark Parsippany property was acquired by The DSF Group of Boston.
Harbor Group International, LLC, and its affiliates control an investment portfolio of $19 billion including 4.9 million square feet of commercial space throughout the United States and the United Kingdom and 63,000 apartment units in the United States. In addition to its corporate headquarters in Norfolk, Virginia, HGI maintains offices in New York, Baltimore, Los Angeles, and Tel Aviv.
Azure Partners is a real estate investment firm founded in 2010 by Michael Dennis (Chairman) and Arthur Rosenberg (CEO). Since its founding, Azure has purchased approximately $2.5 billion of assets.
