Harbor Group International Closes Deal for New York Multifamily
Mill Creek Residential Trust, a national multifamily development and acquisition company, brought the 504-unit apartment community in New York’s Rockland County called the Peak of Nanuet.
NEW YORK CITY – Harbor Group International, a real estate investment firm, in a joint venture with Azure Partners, a real estate investment management firm, has sold a 504-unit apartment community in New York’s Rockland County called the Peak of Nanuet to Mill Creek Residential Trust, a national multifamily development and acquisition company.
Harbor and Azure paid $147 million for the Nanuet, New York property when they acquired it in 2016, according to Yardi Matrix data. How much the pair cashed in for the property is unknown. However, the Rockland County Business Journal reported Mill Creek paid $180 million.
The sale is a part of Harbor’s divestment strategy to identify and reposition value-add properties in strong markets and then sell them after they’ve reached proforma targets to turn around a stronger return to investors, according to Richard Litton, president of Harbor Group International. “The transaction cycle of the Peaks of Nanuet demonstrates Harbor Group International’s disciplined approach to investing in quality assets in high-demand areas and maximizing their potential,” he said in a prepared statement.
Recently, Harbor has made several multifamily investments in similar communities to execute the same strategy, which includes the recent purchase of the Palette Property in Hyattsville, Maryland’s growing arts district.
The Peaks of Nanuet is located 20 miles northeast of Manhattan, an attractive draw for city commuters who prefer a suburban lifestyle. Nearby are major highways and mass transportation options for easy access to New York City, Westchester County and Bergen County. Built-in 1998, the property is situated in a densely populated and affluent area with well-rated school districts and retail local community residents frequent regularly.