The DSF Group has acquired La Rochelle, a luxury apartment tower in Westchester County, New York, for $148.5 million. The seller was Holliday Fenoglio Fowler LP.
FLORHAM PARK, N.J.–(BUSINESS WIRE)–Holliday Fenoglio Fowler, L.P. (HFF) announced today that it has closed the $148.5 million sale of La Rochelle, a 412-unit, 25-story luxury apartment tower in New Rochelle, Westchester County, New York, to the Boston-based DSF Group.
HFF marketed the property exclusively on behalf of the seller, 255 Huguenot Street, Corp. The DSF Group purchased the asset free and clear of existing debt.
La Rochelle comprises 43 studio, 142 one-bedroom, 185 two-bedroom and 42 three-bedroom units, including loft-style apartments and penthouse suites. The property also has approximately 6,000 square feet of ground-floor retail, a 422-space parking garage and rights for the development of an additional 40-story residential tower. Amenities include an outdoor swimming pool with sundeck, clubroom with fireplace, conference room, state-of-the-art fitness center, yoga room and a landscaped courtyard with grilling area. La Rochelle is located at 255 Huguenot Street in downtown New Rochelle adjacent to the New Rochelle Transit Station, which provides Metro North and Amtrak service to New York City.
The HFF investment sales team representing the seller was led by senior managing director Jose Cruz, managing director Kevin O’Hearn, directors Michael Oliver and Stephen Simonelli and supported by senior managing director Andrew Scandalios.
“The DSF Group saw significant upside in the tower and the local market,” stated Cruz. “Multifamily assets continue to attract core and core plus capital to urban markets within the New York area.”
The DSF Group President Josh Solomon added, “We are thrilled to expand our presence in the New Rochelle submarket after having already enjoyed tremendous success in the market with the purchase of the adjacent 588-unit, 40-story Halstead New Rochelle property.”
About The DSF Group
Since 2000, The DSF Group has invested more than $2.5 billion in five million square feet of multifamily real estate and has quietly become one of the most successful private real estate investment firms in the country. These remarkable multifamily and mixed-use properties epitomize the highest standard in fine residential living and recreation. With unique designs, exclusive transit-oriented locations and a focus on an extraordinary selection of amenities and finishes, each of these projects represent a bold opportunity for a company committed to excellence. With offices in Boston and Washington D.C., three decades of experience and a track record unrivalled in the industry, The DSF Group is recognized as one of the preeminent multifamily investors in the country. For more information, please visit us at www.thedsfgroup.com.
HFF and HFFS (HFF Securities L.P.) are owned by HFF, Inc. (NYSE: HF). HFF operates out of 23 offices nationwide and is a leading provider of commercial real estate and capital markets services to the U.S. commercial real estate industry. HFF together with its affiliate HFFS offer clients a fully integrated national capital markets platform including debt placement, investment sales, equity placement, advisory services, loan sales and commercial loan servicing. For more information please visit hfflp.com or follow HFF on Twitter @HFF.