Cushman & Wakefield Brokers Westchester Multifamily Trade
$14M Sale of Claremont Gardens in Ossining Marks County's Largest YTD Deal.
- (1888PressRelease) April 08, 2011 - OSSINING, N.Y - Claremont Gardens Apartments, a 183-unit rental property in Ossining, has sold in Westchester County's largest year-to-date multifamily trade, announced commercial real estate services firm Cushman & Wakefield, Inc. The firm's Metropolitan Area Capital Markets Group, based in East Rutherford, N.J., brokered the $14 million transaction, representing the seller, Claremont Gardens Associates, and procuring the undisclosed buyer.
Built in 1976, under New York's Mitchell-Lama affordable housing program, Claremont Gardens was converted to market-rate housing in 2007. According to Cushman & Wakefield's Brian Whitmer, who handled the assignment with Metropolitan Area Capital Markets Group team members Andrew Merin, David Bernhaut and Gary Gabriel, the team reached out to a limited field of well qualified investors, all of which expressed interest.
"Everyone we called wanted a tour; investor demand truly is improving," Whitmer noted. "Other properties in the immediate area have vacancies in the low single digits or are fully leased with wait lists. Investors recognized that this asset - with its vacancy rate in the high single digits and its prime location - presented an attractive opportunity."
Whitmer added that Claremont Gardens' location is one of its best qualities. The property sits on 11.5 quiet, wooded acres overlooking the Hudson River, within easy commuting distance of Manhattan. Residents at Claremont Gardens can walk to three schools, a grocery store and many additional conveniences. The property is near major regional thoroughfares and multiple train stations, including a Metro North station right in downtown Ossining.
Claremont Gardens offers units with up to four bedrooms and Ossining's only apartments larger than 1,000 square feet. "The size of some of the units at Claremont Gardens and the property's proximity to schools makes it an ideal place to raise children," Merin said. "Additionally, Ossining is a middle-class town surrounded by upper-middle-class and upper-class communities; the price of for-sale homes can be a barrier to entry for many families. This property provides an affordable alternative."
Cushman & Wakefield's Metropolitan Area Capital Markets Group specializes exclusively in investment sales of office, industrial, multifamily and retail properties throughout New Jersey, New York, Fairfield County, Conn., and Pennsylvania. The team has completed more than $13.8 billion worth of transactions since 2000. Year to date, the group has closed or put under agreement approximately $270 million of multifamily transactions.