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Harbor Group JV Pays $306M for Westchester Apartment Complex
Affiliates of Harbor Group International, LLC (HGI) and Azure Partners formed a joint venture for the $306-million acquisition of Avalon Green, a 617-unit garden-style multifamily community in Elmsford, NY. It’s HGI’s second multifamily acquisition in Westchester County and its fourth in New York State; most of the Norfolk, VA-based owner/operator’s New York metro apartment portfolio is in New Jersey.
HGI plans to implement a $9.2-million capital improvement program across the complex, developed by Avalon Bay Communities in three phases in 1995, 2012 and 2016. It’s being rebranded as Vista at Town Green.
“Avalon Green is an attractive fit for HGI’s multifamily portfolio given its strategic location between several employment centers and transportation options along with the significant value-add potential of the community,” said Richard Litton, president, HGI. “We see long-term demand fundamentals for the Westchester area as renters seek housing in suburban markets.”
- ◦Sale/Acquisition

