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Deals & Dealmakers

CBRE Arranges $113 Million Sale of 260-Unit Windsor at The Gramercy

Today, representatives of CBRE, led by Jeff Dunne, Eric Apfel, Jeremy Neuer, Stuart MacKenzie, and Zach McHale, announced the $113 million sale of Windsor at The Gramercy, a 260-unit multifamily community in White Plains, NY.

CBRE represented the seller, GID, an institutional investment manager with over $28.5 billion in assets under management, while also procuring the buyer, Friedkin Property Group, a privately held real estate investment group based in San Francisco, CA with a national portfolio spanning 13 states.

Built in 2003, Windsor at The Gramercy is an eight-story Class-A multifamily community located adjacent to the White Plains CBD, next to J Harvey Turnure Memorial Park. The property offers residents first-class amenities including a sophisticated resident lounge with a fireplace, heated outdoor pool, fitness center, private dog park, billiards room and theatre

The property is walking distance to dozens of restaurants (including Serafina, BLT Steak, and Mulino’s), premier shopping including The Westchester Mall (anchored by Neiman Marcus and Nordstrom), Whole Foods and Stop & Shop, and is less than one mile from the White Plains Metro North Train Station and Transportation Center with a 47-minute commute to
Grand Central Terminal.

CBRE’s Jeff Dunne said, “We are delighted to represent GID in the sale of this institutional grade asset. There was significant interest in the offering due to its central location in White Plains and the opportunity to add value by renovating apartments and upgrading amenities to contemporary resident tastes. While southern markets are seeing a significant slowdown in rental growth and transaction activity, the New York City metro still offers compelling value to investors in terms of yield, durability of incomes, and constrained supply growth.”

CBRE’s Eric Apfel added, “White Plains sits at the center of Westchester’s dense wealth corridor, surrounded by 10 of the wealthiest towns in the county. It’s both the closest northern suburb of the largest economic hub in the United States and has extraordinary access to Westchester-based Fortune-500 employers like Regeneron, IBM, PepsiCo, Mastercard, Morgan Stanley, Siemens, Danone and more.”

CBRE Institutional Properties is currently marketing for sale: Halstead Milford, a 246-unit garden style community in Milford, CT; Pond View Land, a 204-unit development site in Farmington, CT; Reserve41, a 164-unit garden-style community in Norwalk, CT; Six Points at Bloomfield Station, a 176-unit apartment community in Bloomfield, NJ; The Essex, a 158-unit property in Bellville, NJ; Canter Green, a 153-unit Class A apartment community in Union, NJ; and Lofts22, a 70-unit community in Bayonne, NJ.

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