Mill Creek Residential Trust Re-Brands Peaks Of Nanuet to “Alister Nanuet”
By Tina Traster
The Peaks of Nanuet apartment complex in Nanuet has been sold to Mill Creek Residential Trust LLC for $180 million, according to public records.
The 504-unit complex at 100 Avalon Gardens Drive has been rebranded “Alister Nanuet.” It was sold on Nov. 7th by a partnership of Harbor Group International, LLC (HGI), a privately-owned international real estate investment and management firm, and Azure Partners LLC.
“The transaction cycle of the Peaks of Nanuet demonstrates Harbor Group International’s disciplined approach to investing in quality assets in high-demand areas and maximizing their potential,” said Richard Litton, President of Harbor Group International. “We will continue to identify value-added properties within strong markets and divest these assets once they achieve their business plan to deliver strong returns to our investors.”
Mill Creek Residential Trust LLC is a Texas-based company focused on the development, acquisition and operation of apartment communities in targeted markets nationwide. Mill Creek owns nearly 20,000 apartment units throughout 75 communities.
The company has participated in the development of more than 270,000 apartment units, and executed more than $25 billion in transactions since 1993.
The Alister Nanuet is a luxury complex with bucolic vistas, outdoor pool, fireside lounge, club room, bark park, playground and sport court. Rents range from around $2,000 for a one bedroom to $3,060 to a three-bedroom.
A Mill Creek spokesman said the company has not renovated the complex, which was built in 1998. “Mill Creek purchases assets and rents as is,” he said.
Mill Creek’s first foray in the Hudson Valley was the Modera, a luxury high-rise that opened on Yonker’s waterfront last year. In April Mill Creek sold the complex to JRK Property Holdings.
Harbor Group International, LLC, including its affiliates, is a private real estate and real estate related investment and management firm with a portfolio of worldwide assets valued at $9.7 billion. HGI is headquartered in Norfolk, Virginia with offices in New York, Baltimore, Los Angeles and Tel Aviv. The company’s real estate holdings include 3.6 million square feet of commercial properties and 33,000 apartment units