Newmark Closes Sale of New Rochelle Student Housing to W. P. Carey
Newmark arranged the $26-million sale of 26 Locust Ave., a 94-unit student housing complex in the Westchester County community of New Rochelle, NY. Boston-based Michael Byrne, Thomas Greeley and Devlin Man, in cooperation with Stamford-based Cory Gubner and Alex Haendler represented the seller, St Katherine Group, and procured the buyer, W. P. Carey.
Completed in 2018, 26 Locust broke ground as a purpose-built studio apartment complex. Following the execution of a full-building master lease to Monroe College, the asset transitioned into built-to-suit-student housing.
“26 Locust Ave.’s studios average 550 square feet in size and facilitate a traditional apartment living experience with full bathrooms and kitchens complemented by common study rooms, indoor and outdoor amenity spaces and 56 below-grade parking spaces,” said Haendler. “The asset also benefits from a transit-oriented location in downtown New Rochelle, a walkable mixed-use district that provides residents with swift access to a wealth of attractive amenities.”