CBRE Arranges $48.3M Sale for Affordable Housing Community
The 311-unit property in Yonkers, NY sold to Hudson Valley Property Group.
NEW YORK – CBRE Affordable Housing and CBRE’s New York Institutional Group arranged the sale of Parkledge, an affordable housing community in Yonkers, NY. The 311-unit property sold to Hudson Valley Property Group (HVPG) for $48.3 million.
The property offers a mix of one-, two-, three- and four-bedroom floorplans, located 30 minutes from downtown Manhattan. The affordable housing community has maintained more than 97% occupancy since 2016.
Hudson Valley Property Group plans to invest in the building to increase energy efficiencies and resident security through renovations, while planning to preserve the property as affordable housing. 90% of Parkledge’s units are remain affordable by a LIHTC Land Use Restrictive Agreement.
CBRE Affordable Housing team of Tim Flint, Jeff Dunne, Gene Pride and Eric Apfel represented the seller in the transaction. Hudson Valley Preservation Fund provided equity for the transaction.
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CBRE Affordable Housing is a fully-integrated specialty group within CBRE Group Inc., which offers investment sales, debt and finance and investment banking services within the affordable housing industry. The group has closed more than $19.8 billion in sales and financing throughout the US and Puerto Rico since 2001.
CBRE Group Inc., headquartered in Los Angeles, is a Fortune 500 company and the world’s largest commercial real estate services and investment firm. The firm serves from 450 offices worldwide, with more than 80,000 employees.