JLL announced that it has closed the sale of The Peaks of Nanuet, a 504-unit apartment complex in the suburb of Nanuet, Rockland County, New York.
JLL marketed the property exclusively on behalf of the seller, a joint venture between Harbor Group International, LLC and Azure Partners LLC. Mill Creek Residential Trust LLC and a partner purchased the asset free and clear of existing financing.
The Peaks of Nanuet consists of 64 buildings set on 54 acres that comprise a mix of one-, two- and three-bedroom units averaging 1,208 square feet, with approximately 40% of homes also inclusive of lofts. Units feature intrusion alarms, separate dining rooms, spacious closets, full-sized washers and dryers, and patios or balconies. The transit-oriented property is located at 100 Avalon Gardens Drive less than a mile from the intersection of the Garden State Parkway, Interstate 287 and Palisades Interstate Parkway. Due to its central location, The Peaks of Nanuet is convenient to Manhattan, the New Jersey state line and Westchester County via car and a variety of mass transit options. Community amenities include a large renovated clubhouse, fully equipped fitness center, yoga room, indoor basketball courts, racquetball court, business center and a resident lounge with fireplace. The property was 95% occupied at closing.
The JLL Capital Markets team representing the seller included Jose Cruz, Michael Oliver, Kevin O’Hearn, Stephen Simonelli, Andrew Scandalios and Michael Kavanagh.
“The Peaks asset was highly sought after by both institutional and private buyers given the property’s location, surrounding demographics and renovation upside,” Cruz stated. “This sale marks the largest multihousing trade in Rockland County to date.”
JLL Capital Markets is a full-service global provider of capital solutions for real estate investors and occupiers. The firm’s in-depth local market and global investor knowledge delivers the best-in-class solutions for clients—whether investment advisory, debt placement, equity placement or a recapitalization. The firm has more than 3,700 Capital Markets specialists worldwide with offices in nearly 50 countries.
Deal secured by Holliday Fenoglio Fowler LP (“HFF”) prior to being acquired by JLL on July 1, 2019. Co-brokerage services provided by Jones Lang LaSalle Americas, Inc.