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.”
Paul Bubny serves as Senior Content Director for Connect Commercial Real Estate, a role to which he brings 13-plus years’ experience covering the commercial real estate industry and 30-plus years in business-to-business journalism. In this capacity, he oversees daily operations while also reporting on both local/regional markets and national trends, covering individual transactions across all property types, as well as delving into broader subject matter. He produces 15-20 daily news stories per day and works with the Connect team and clients to develop longer-form content, ranging from Q&As to thought-leadership pieces.
Prior to joining Connect, Paul was Managing Editor for both Real Estate Forum and GlobeSt.com at American Lawyer Media, where he oversaw operations at both publications while also producing daily news and feature-length articles. His tenure in B2B publishing stretches back into the print era, and he has served as Editor in Chief on four national trade publications.
Since 1999, Paul has volunteered as the newsletter editor of passenger rail advocacy groups (one national, one local).