The Daten Group, a Manhattan-based residential development company, along with its development partner, Lighthouse Living, has broken the record in Westchester for the highest price per unit in the sale of three newly constructed rental buildings in downtown White Plains for $45 million.
The buyer is a Westchester-based developer who acquired the properties which total 104 units for $433,000 per unit and for 13 times the current rent roll.
“This sale is the highest price per unit in any residential building — not just in White Plains, but throughout the county,” said Victoria Fisher of Marcus & Millichap’s Westchester office, who — along with James Evans of Marcus & Millichap — represented both the buyer and the sellers, the Daten Group and Lighthouse Living, who developed the three properties that rented out quickly after they came to market in 2015.
The portfolio includes The Dylan, a four-story apartment building located at 42 Waller Ave.; La Gianna, a five-story property located at 10 Dekalb Ave. and The Reed, a three-story building located at 115 N. Broadway. All the apartments in the three Class A buildings have modern, luxury finishes, programmable thermostat control, hardwood floors and a washer and dryer in each unit.
“We saw this as a great opportunity to capitalize on our diligent efforts to maximize the performance of the assets,” said the Daten Group’s David Ennis.”They will do very well with them and we wish them the best of luck.”
“The new owner’s strategy is to hold the properties long term,” said Evans. “They know the strength of the White Plains market and wanted to invest for the future.”
The Daten Group www.datengroup.com is a full-service real estate investment, development and consulting firm that focuses on value-add properties in the New York City and New Jersey market. They recently sold out a luxury condominium of 14 units in Brooklyn Heights at 72 Poplar Street where they transformed an old police precinct and got record prices including $6.95 million for condo/townhouse attached to the building.
They are nowdeveloping three high end residential projects in Brooklyn that include two condominiums and one rental building totaling 135 units, plus retail.
575 Fourth Avenue between 16th Street and Prospect Avenue in Park Slope, a 12-ft. luxury 70-unit condominium development slated to be completed in the fourth quarter of 2018.
856 Washington Street – Along with the Valarian Group 14-story condominium with 26 luxury one-three bedroom condos on the site of the former Green Point Savings Bank in Prospect Heights, Brooklyn.
840 Fulton Street at Vanderbilt Avenue in Clinton Hill near the Barclays Center. The seven-story luxury, 20,755 -square-foot mixed use rental building features 39 units, with an additional 5,600 square feet for ground retail and a community facility.