JLL Capital Markets announced today that it has completed the $200 million sale of Halstead Station, a 24-story, 408-unit luxury multi-unit community located at Metro North Station in New Rochelle, Westchester County. , New York.
JLL represented the seller, a subsidiary of The DSF Group, in this transaction. Kholsa Capital LLC, in a preferred joint venture with Pacific Urban Investors, acquired the asset.
Built in 2001, Halstead Station offers studio, one-, two-, and three-bedroom units with open floor plans, large windows with panoramic views, bright kitchens, and plush carpets. Some units are equipped with washers and dryers and walk-in closets. Community facilities include state-of-the-art fitness center, resident lounge, CrossFit gym, yoga and stretching area, fully equipped workout studio, complimentary fitness classes, swimming pool outdoor area, a courtyard with barbecue grills, a barking dog park, a children’s lounge, private conference units and a business center.
The property benefits from its prime location in the CBD, at the entrance to the New Rochelle Metro North station. New Rochelle Station provides access to New York’s Grand Central Station in less than 30 minutes. Additionally, Amtrak’s passenger rail service offers connections between major cities in the region, including Washington, DC, New York, Philadelphia and Boston. Residents are also within walking distance to nearby restaurants, recreation and retail.
The JLL Capital Markets investment advisory team representing the seller was led by Jose Cruz, Steve Simonelli, Michael Oliver, Andrew Scandalios, Kevin O’Hearn, Marion Jones and Josh Stein.
“Demand for multi-units in New Rochelle remains very strong, with investors buying into a significant rise in market rents,” Cruz said.
“The sale of Halstead Station represents another successful execution of our value-added strategy and the completion of our second investment in New Rochelle,” said Josh Solomon, Group President, DSF.
“We are delighted to acquire an institutional quality asset in one of the best locations in Westchester County. Given its strategic location, value-added potential and all the development in New Rochelle, Halstead Station is a perfect fit for our portfolio. We look forward to improving the property; enhance the life experience of our residents and create value for our investors,” said Mr. Khosla, Founder and CEO of Khosla Capital.
JLL Capital Markets is a global, full-service provider of capital solutions for property investors and occupiers. The firm’s in-depth knowledge of the local market and global investors provides best-in-class solutions to its clients, whether it is investment and sales advisory, debt advisory, equity advisory or recapitalization . The firm has more than 3,000 capital markets specialists worldwide with offices in nearly 50 countries.
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