WHITE PLAINS-Korman Communities‘ AVE White Plains, an extended-stay corporate apartment building at 25 Martine Ave. here, has traded to the DSF Group. Waltham, MA-based DSF, which paid $34 million, will reposition the 124-unit property as luxury rentals, according to published reports.
The acquisition, made free and clear of existing debt, marks the New York metro area debut for DSF, which has a portfolio of more than four million square feet of commercial and multifamily, mainly in suburban Boston and Washington, DC’s Virginia suburbs. “DSF has been very active in the Northeast during the last several years,” says Jose Cruz, senior managing director with HFF, in a release. “This was DSF’s first acquisition in the New York area and they did a great job of working through the transaction and closed on time.”
HFF marketed the property on behalf of a joint venture between Plymouth Meeting, PA-based Korman and an institutional partner, which paid about $35.9 million for it in 2004. Cruz and senior managing director Andrew Scandalios, managing directors Kevin O’Hearn and Jeffrey Julien and associate director Stephen Simonelli arranged the deal.
The Westchester County Business Journal reported that the property’s new owners have rebranded it as Halstead White Plains Metro North, with plans to make it available to renters early next month. The property is adjacent to the Galleria at White Plains and across from the Metro-North train station providing a one-seat ride to Grand Central Terminal in Midtown Manhattan.
It may be the first of several acquisitions in the region for DSF. In the New York metro area, “We particularly like Westchester County and Fairfield County,” Joshua Solomon, president and CIO at DSF, told the Business Journal last week.