The CB Richard Ellis Tri-State Investment Team notes that itrepresented the Cappelli investment partnership in the deal. Thefirm also procured the buyer, an investment partnership advised byLend Lease Real Estate Investments.

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CB Richard Ellis officials say that Cappelli Enterprisesretained a 10% interest in the rental townhouse community and willcontinue to manage and lease the property on behalf of the newpartnership. The sales price for the property was the largest saleof its kind in 2002 for Westchester County, they add.

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Ridgeview Apartments is a 416-unit rental colonial-styletownhouse community that was built in 1995. It is located on a22-acre site at the top of a ridge adjacent to I-287, I-87, the SawMill River Parkway and Route 119.

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Jeff Dunne, team Leader of the CB Richard Ellis' Tri-StateInvestment Team, says of the deal, "The interest level, as would beexpected for a property of this caliber, was extremely high whichis reflected in the impressive price of $170,072 per unit. Theproperty's excellent location within Westchester County combinedwith the extremely limited inventory of competitive units orcomparable suburban multi-family residential development sites,made this asset one of the most attractive residential investmentopportunities in the market."

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Dunne adds that his firm is currently marketing a host ofcommercial properties in the New York metro area for saleincluding: 85 Challenger Road (also known as The Daewoo Building),a 212,480-sf office building in Ridgefield Park, NJ, Gatehall II, a404,517-sf office building in Parsippany, NJ, Aviation Plaza, a387,855-sf food-anchored power center in Linden, NJ and 710Bridgeport Ave., a 452,416-sf office and industrial property inShelton, CT.

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John Jordan

John Jordan is a veteran journalist with 36 years of print and digital media experience.