A fund managed by Goldman Sachs Asset Management has acquired Avalon Bronxville, a 110-unit apartment community located outside of New York City in Bronxville. The fund purchased the property for an undisclosed price from AvalonBay Communities.
This was a rare opportunity to own an apartment property in the prestigious market, which is only 15 miles north of New York City. The area is a popular stomping ground for high net worth professionals from the city thanks to some of the top public schools in the country a thriving retail scene with more than 150 boutiques. The apartment building was developed in 1999 and renovated in 2012.
CBRE's Jeffrey Dunne, Gene Pride, Jeremy Neuer, Steve Bardsley, Travis Langer and Stuart MacKenzie represented the seller in the deal and procured the buyer. In a statement, Dunne said the property had significant investment interest.
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Just to the south, New York City's apartment market is poised for a swift recovery—good news for surrounding areas like Bronxville. Research from Marcus & Millichap reports that while upper-level apartments are still challenged as their residents are more likely to be working remotely and more supply is being delivered, class-B and C apartments are poised for a recovery. Those properties are less exposed to new supply and have recorded more positive fundamentals so far through the pandemic.
Of course, jobs will drive the apartment recovery. The report expects 180,000 new jobs, an expansion of the employment base by 4.4%, will happen in 2021. As a result, the year will close within 9% of the pre-pandemic level. Construction will also play a role. The pace of construction should moderate following the 2020 slowdown with 17,947 units completed. Most of the 15,000 new deliveries will be in Brooklyn and Queens.
However, research from Yardi warns of a slow recovery in the apartment market. Major metros like New York have seen rents drop by double digits. Yardi projects that it will take New York City more than five years to hit Q1 2020 rent levels.
CBRE, however, is marketing several institutional-grade apartment properties, like the one in Bronxville, and it is seeing strong interest from investors. Among its current listings is the Essex County Workforce Housing Portfolio, an eight-property apartment portfolio totaling 536 units in East Orange and Newark.
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Kelsi Maree Borland
