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SELLING POINTS: KRE group continues to bolster NJ apartment portfolio; George Comfort buys Wʼchester office park

KRE adds more multifamily

KRE Group, in partnership with Verde Capital, has acquired a 304-unit garden-style apartment property in Atlantic Highlands, New Jersey, for $56 million.
Known as Thousand Oaks Village, the 36-acre site includes a collection of apartments ranging from one to three bedrooms, along with a swimming pool, tennis courts and children’s playground.
Located at 165 Thousand Oaks Drive, the property — which will be renamed Atlantic Pointe — is minutes from the Seastreak Ferry Terminal at Atlantic Highlands, which offers commuter services to and from Manhattan in less than 45 minutes.
KRE and Verde Capital plan unit renovations and upgrades to amenities.
“Thousand Oaks Village offers an exceptional value proposition,” said Jonathan Kushner, president of KRE Group. “Not only is the location highly desirable, but the availability of new rental apartments in the area is limited.”
Thousand Oaks Village is the second property that KRE and Verde Capital have jointly acquired. In 2016, the firms purchased Deer Creek, a 288-unit rental community in Plainsboro, New Jersey for $45 million.
Thousand Oaks Village is KRE Group’s fifth garden apartment acquisition within Northern/Central New Jersey in just under three years.
The company has invested $350 million in that time and acquired more than 1,800 rental units as part of a strategic initiative to grow the company’s portfolio of multifamily properties with value creation potential.

George Comfort buys Wʼchester office park

George Comfort & Sons has paid $55 million for the former Reckson Executive Park in Rye Brook, NY,
CBRE brokered the sale of the six-building office park at 1100 King Street on behalf of SL Green.
The CBRE team of Jeffrey Dunne, Steven Bardsley and Stuart MacKenzie also procured the buyer George Comfort & Sons acquired the property in a joint venture with a fund managed by DRA Advisors.
Situated on the Greenwich, Conn. border, the Class A office park totals 563,596 s/f. Recent capital improvements include improved interior and exterior amenities.
“The tightening of the Westchester County office market, which is partly driven by the adaptive repurposing of older office product for residential, medical and retail use, coupled with increased demand stemming from Westchester’s cluster of biotech and healthcare businesses, bodes well for GCS to lease the remaining space at Reckson Executive Park,” said Dunne, a vice chairman at CBRE.

Morgenstern nabs High Line portfolio

Morgenstern Capital has scooped up a four-building High Line portfolio for $27.6 million.
Cushman & Wakefield brokered the sale of the four contiguous buildings at 203, 205 and 207 Tenth Avenue and 505 West 22nd Street on behalf of the sellers.
“Trading hands for the first time in 32 years, The High Line Portfolio sold for over $1,200 per square foot at an approximate 3.5 percent cap rate, illustrating strong continued demand for prime mixed-use assets in Manhattan,” said Winfield Clifford of Cushman & Wakefield team that included Brock Emmetsberger, William Barrett and Billy Simons.
Robert Morgenstern of Morgenstern Capital, said, “These properties, together called Highline 22, will be redeveloped and designed by Canvas Property Group, Morgenstern Capital’s in-house development and management firm. This portfolio will become one of the premier limited-service offerings with high-end design and direct Highline views.”
Family owned since 1984, the portfolio represented one of the last opportunities to develop a mixed-use project along the High Line with both air rights and income in place.
The portfolio includes 26 apartments and four ground floor retail units. Apartment rents average $50 psf. Five units are rent stabilized. 7,185 s/f of air rights can be used for additional development.
The portfolio’s easterly views are also protected across the street by the Clement Clarke Moore Park and Chelsea Historic District.

Flatbush portfolio fetches $16M

Ariel Property Advisors arranged the sale of a scattered-site multifamily portfolio in Flatbush.
The package, which encompasses 71-units across nine walk-up buildings, sold for $15.926 million.
The bundle of buildings, which span 79,932 s/f, sold at a 4.3 percent cap rate and $224,309 per unit.
Exclusive agents Victor Sozio, Alexander McGee, and Michael A. Tortorici represented the owner and procured the buyer.
The suite of assets included 90-92 East 18th Street; 25 East 21st Street; 369 East 21st Street; 600 East 22nd Street; 2102, 2108, 2112 and 2116 Regent Place; 2322 Bedford Avenue.
According to TradedNY, David Shorenstein’s Silvershore Properties was the seller. Benjamin Soleimani’s ABJ Properties was the buyer.

NY family pays $45M for suburban office complex

Marcus & Millichap closed the sale of two suburban office complexes in suburban Rochester, New York.
The office complexes are Corporate Crossing, a five-building, 212,839 s/f office complex in Pittsford, and Canal View, a three-building, 118,375 s/f office complex in Rochester. The two properties sold for a total of $45 million.
“Corporate Crossing and Canal View are the market dominant office buildings in credit tenants, luxury build-outs, occupancy, and rents,” said Brett Chetek, senior director of The Chetek Group of Marcus & Millichap.
“Both properties are ideally positioned to support a growing workforce in Rochester’s top office submarket and are in affluent towns where many of the tenants’ top executives and employees live.”
Chetek represented the seller, a private Rochester partnership, and procured the buyer, a New York family office with large real estate holdings across the country.
John Krueger was Marcus & Millichap’s broker of record on the deal.
Located less than eight miles apart, the two complexes are occupied by tenants including Rochester’s largest employer, the University of Rochester, The Bonadio Group, KeyBank, Wells Fargo and Oracle Corp.

South Jersey multifamily still drawing big bucks

Houlihan-Parnes Realtors announced the sale of a South Jersey apartment complex for $27.4 million.
Stonington Court Apartments, a 456-unit development at 1800 Laurel Road, Lindenwold, NJ, was sold by Coolidge Stonington LLC.
Robert V. Tiburzi, Jr. of Houlihan-Parnes represented the seller, a closely held investment company which had owned the property for ten years.
Tiburzi said, “The interest in multifamily in South Jersey remains strong as buyers try to make acquisitions before the low interest rate window closes.”
The purchaser is a New Jersey based real estate investment investor represented by The Kislak Company, Inc. The property is situated on 25 acres and includes 24 two-story buildings.

Townhouse for sale

Cushman & Wakefiel is marketing a six-story commercial townhouse at 23 East 67th Street for $45 million.
A team led by Guthrie Garvin is leading the marketing effort for the 10,944 s/f recently renovated property that is fully leased to a variety of high-end retailers and art galleries.
According to Garvin, “It is a high producing, fully occupied asset that will be sought after due to its heavy cash flow and unparalleled location.”

Meridian brokers school sale

Meridian Investment Sales announced the firM brokered the sale of the Turtle Bay Music School in Midtown for $11 million last month.
David Schechtman, Lipa Lieberman and Abie Kassin, represented the seller and procured the buyer in this transaction with the assistance of David Carlos, a Senior Managing Director at Savills Studley, and Alan Miller, Managing Principal of ALDO Advisors.
Located at 244 East 52nd Street between Second and Third Avenues, the three-story property was originally built in 1865 to house the German-American School Society. It has been occupied by the Turtle Bay Music School since 1935. The building spans 9,400 s/f and includes more than 10,500 s/f of air rights.
Delivered vacant at closing, the buyer — Israeli developer Minrav Development — plans to convert the property into residential condominiums.

Senior communities trade

Greystone’s Real Estate Advisors group has closed the $17 million sale of two 46-unit memory care communities in upstate New York.
Peregrine Senior Living at Clifton Park and Peregrine Senior Living at Orchard Park were bought by a private equity group from a publicly-traded REIT. Peregrine Senior Living will continue to operate the communities going forward.
Mike Garbers and Cody Tremper represented the seller in the transaction.
Peregrine Senior Living at Clifton Park is located on a 5.25-acre site in Clifton Park, a northern suburb of Albany. Peregrine at Orchard Park is located on a 4.49-acre site in Orchard Park, a southern suburb of Buffalo. The communities have a combined occupancy of 93.9 percent.

NJ apartment sale closes

Gebroe-Hammer Associates has finalized the $30 million sale of 152 units at Donaldson Park Apartments, located at 321 Crowells Road in Highland Park, NJ.
Joseph Brecher represented the seller, JGT Managing Partners who was the original developer of the garden-style community, and procured the buyer, Oxford Realty Group based in Highland Park. The buyer plans enhancements property-wide.

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