A joint venture between affiliates of Cantor Fitzgerald L.P., a financial services and real estate investment company, and Harbor Group International LLC (HGI), a privately owned international real estate investment and management firm announced the acquisition of Avalon Mamaroneck, a 229-unit Class A multifamily community in the Westchester County suburb of Mamaroneck, New York.
“Avalon Mamaroneck offers an attractive, well-located housing option situated in the affluent area of Westchester County’s Gold Coast,” said Yisroel Berg, chief investment officer, multifamily at HGI.
Avalon Mamaroneck was built in 1999 and renovated in 2018; the property’s unit amenities include washers and dryers, stainless steel appliances, walk-in closets and balconies. Property amenities include a pool, BBQ stations, resident lounges, a fitness center and package assistance.
“Mamaroneck has many of the desirable attributes we target when acquiring multifamily properties, including a well-educated and high-earning workforce, supply constraints for new construction, and an imbalance between the cost of renting an apartment and home ownership,” shared Matthew Keefer, head of multifamily acquisitions at Cantor Fitzgerald Asset Management.
Located approximately 20 miles north of Manhattan, Avalon Mamaroneck is situated within a five-minute walk to the Metro-North Train Station and 0.3 miles from Interstate 95.
Newmark’s Bill Weber and Henry Stimler introduced Cantor Fitzgerald and HGI and secured the financing for the acquisition. CBRE represented the seller, AvalonBay Communities, with Jeff Dunne brokering the sale.
