Cantor Fitzgerald and Harbor Group International have partnered once again. Their latest acquisition is of a 229-unit community in Mamaroneck, N.Y. The joint venture purchased Avalon Mamaroneck from AvalonBay Communities. The purchase price could not immediately be learned.
Avalon Mamroneck was built in 1999 and renovated in 2018. The new owners have rebranded the property “The Mark at Mamaroneck”. The Class A community offers one- and two-bedroom units, ranging from 773 to 1,273 square feet. The units have pre-installed Wi-Fi and cable, walk-in closets, balconies and washers and dryers, while select units also have fireplaces. The community’s amenities include a pool, fitness center, barbecue stations, resident lounges and package assistance. According to Yardi Matrix data, The Mark at Mamaroneck is 97.8 percent occupied.
Located at 746 Mamaroneck Ave., residents are a five-minute walk from the Metro North station that connects them to New York City. The community is also less than half a mile away from Interstate 95, which connects to the Bronx, N.Y., and the neighboring state of Connecticut.
Newmark advised the partners and secured financing for the acquisition, while the seller was represented by CBRE.
Atlanta, D.C. and New York
Prior to the Mamaroneck deal, Cantor Fitzgerald and HGI teamed up to acquire The Archer in Acworth, Ga. The firms have worked together on Summerfield at Morgan Metro in the Washington, D.C. area. Outside of its partnerships with HGI, Cantor Fitzgerald recently landed a $165 million construction loan for its 11-story apartment community in Queens, N.Y., which is being developed with Silverstein Properties.
As for HGI, the firm has previous experience in Westchester County, N.Y. having previously acquired Avalon Green, a 617-unit community in Elmsford, N.Y., for $306 million from AvalonBay. Nearby, HGI is also expanding its portfolio in the central Connecticut region after announcing plans to develop a 240-unit community in Middletown, Conn., in May.
