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Apartment Complex Flipped For The Third Time In Five Years; Price Appreciates 50 Percent Since 2016
By Tina Traster
The “Alister Nanuet,” a 504-unit complex at 100 Avalon Gardens Drive in Clarkstown, has been sold to a consortium of New York-based LLCs for $226 million according to the recorded deed at the Rockland County Clerk.
The property, sold this month by the Texas-based Mill Creek Residential Trust LLC, was purchased in Nov. 2019 for $180 million. The Texas REIT had renamed the complex from “The Peaks of Nanuet.”
This is the third time in five years the property has been turned over, appreciating in value of about 50 percent over the five-year period.
The new owners, renaming the property “Highlands Nanuet,” have hired JCM Living to manage the property. JCM manages apartment complexes throughout New Jersey, Pennsylvania, and Maryland. Highlands Nanuet is its first New York property.
Highlands Nanuet is a luxury complex with bucolic vistas, outdoor pool, fireside lounge, club room, bark park, playground and sport court. Rents at the Alister ranged from around $2,000 for a one bedroom to $3,060 to a three-bedroom. According to Apartments.com, rents at the Highlands will now range from $2,292 – $4,548.
The group of ten LLCs that have bought the property, as tenants-in-common, all share a common address at Cammeby’s Management Company in New York City. Cammeby’s is a privately held real estate company with a portfolio of industrial, office and residential real estate assets in 14 states. It owns numerous multifamily properties in the New York and New Jersey area.
Mill Creek in 2019 bought the residential complex from a partnership of Harbor Group International, LLC (HGI), a privately-owned international real estate investment and management firm, and Azure Partners LLC. Harbor Group and Azure purchased the complex, then called The Eaves for $147 million in 2016.
In September, affiliates of Harbor Group International, LLC, a privately owned international real estate investment and management firm, announced a joint venture with Cammeby’s International Group for the $1.05 billion acquisition of a portfolio of multifamily assets throughout New Jersey. The portfolio consists of 41 workforce housing communities, totaling 5,302 units.
The portfolio spans 14 cities in North, Central and South New Jersey, with a concentration in Union, Morris and Essex. A majority of the portfolio is located in key suburban markets near major New Jersey employers, including Prudential Financial, Johnson & Johnson, Bayer Corp. and Quest Diagnostics.
Harbor Group International in June paid $54 million for an apartment complex in Rockland County, amid the continued strong suburban housing market. Known as the Henry apartments, the complex was built in 2001, and is just east of Harriman State Park and just west of the Hudson River. Amenities at the Pomona complex include a pool and sundeck, clubhouse, billiards room, fitness center and basketball courts.
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.
