Cantor Fitzgerald and Harbor Group International Acquire Premier Multifamily Property Avalon Mamaroneck in Strategic Push for Prime Affluent Communities

Recent news rings with a promising acquisition in the multifamily real estate arena. Cantor Fitzgerald, a global powerhouse in financial services and real estate investments, joined hands with Harbor Group International (HGI), an internationally renowned private real estate investment and management company, to acquire Avalon Mamaroneck. This property is a compelling 229-unit Class A multifamily community in Mamaroneck, a suburb of Westchester County, New York. Built in 1999 and renovated recently in 2018, Avalon Mamaroneck has established itself as a premier luxury community for residents.

Yisroel Berg, Chief Investment Officer – Multifamily at HGI, notes, “Avalon Mamaroneck offers an attractive, well-located housing option situated in the affluent area of Westchester County’s Gold Coast. We are thrilled once again to partner with Cantor Fitzgerald to acquire a high-quality asset.” It’s clear this acquisition indicates the companies’ strategic push for prime properties in affluent communities that provide lucrative rental options.

According to Matthew Keefer, Head of Multifamily Acquisitions at Cantor Fitzgerald Asset Management, “Mamaroneck boasts many of the desirable attributes we target when acquiring multifamily properties. These include a well-educated and high-earning workforce, supply constraints for new construction, and an imbalance between the cost of renting an apartment and home ownership.”

Residents of Avalon Mamaroneck enjoy state-of-the-art amenities that include everything right from washers and dryers, stainless steel appliances, walk-in closets, balconies to resident lounges, a fitness center, and a pool with BBQ stations. And adding to the convenience factor is the prime location – a meager five-minute walk to the Metro-North Train Station and just 0.3 miles from Interstate 95. This grants residents easy access to New York City’s major employment and cultural hub, making the building even more attractive.

We should also highlight the great reputation Westchester County holds which does wonders for the property’s appeal; it boasts some of the top public schools in the country, not to mention an amenity-rich downtown area brimming with alluring dining, shopping, and entertainment options.

Chris Milner, Chief Investment Officer – Real Assets at Cantor Fitzgerald Asset Management said, “Our relationship with HGI continues to grow with these acquisitions. We are thrilled to add HGI to our group of first-class operating partners who share our commitment to creating shareholder value.”

Newmark’s Bill Weber and Henry Stimler played key roles by introducing Cantor Fitzgerald and HGI and securing the finance for the acquisition. Furthermore, Jeff Dunne of CBRE admirably brokered the sale, representing the seller, AvalonBay Communities.

Multifamily leaders should take note that this acquisition displays a focused strategy on investing in top-tier property in affluent and desirable locations, leveraging well-planned amenities, and local resources to add value to properties as much as the enrolled residents. It demonstrates thought leadership, a keen understanding of multifamily property acquisition, and strategic planning to maximize on select real estate investments. Undoubtedly, it’s a move worth applauding and a blueprint worth following for other multifamily real estate stakeholders.