ELMSFORD, NY-CB Richard Ellis reports that Ridgeview Associates, LLC, an investment partnership of Cappelli Enterprises of Valhalla, has sold a 90% interest in the Ridgeview Apartment complex here to an investment partnership for $70,750,000.
The CB Richard Ellis Tri-State Investment Team notes that it represented the Cappelli investment partnership in the deal. The firm also procured the buyer, an investment partnership advised by Lend Lease Real Estate Investments.
CB Richard Ellis officials say that Cappelli Enterprises retained a 10% interest in the rental townhouse community and will continue to manage and lease the property on behalf of the new partnership. The sales price for the property was the largest sale of its kind in 2002 for Westchester County, they add.
Ridgeview Apartments is a 416-unit rental colonial-style townhouse community that was built in 1995. It is located on a 22-acre site at the top of a ridge adjacent to I-287, I-87, the Saw Mill River Parkway and Route 119.
Jeff Dunne, team Leader of the CB Richard Ellis’ Tri-State Investment Team, says of the deal, “The interest level, as would be expected for a property of this caliber, was extremely high which is reflected in the impressive price of $170,072 per unit. The property’s excellent location within Westchester County combined with the extremely limited inventory of competitive units or comparable suburban multi-family residential development sites, made this asset one of the most attractive residential investment opportunities in the market.”
Dunne adds that his firm is currently marketing a host of commercial properties in the New York metro area for sale including: 85 Challenger Road (also known as The Daewoo Building), a 212,480-sf office building in Ridgefield Park, NJ, Gatehall II, a 404,517-sf office building in Parsippany, NJ, Aviation Plaza, a 387,855-sf food-anchored power center in Linden, NJ and 710 Bridgeport Ave., a 452,416-sf office and industrial property in Shelton, CT.