NEW ROCHELLE, N.Y. - Nearly a month after it was sold, Boston-based developers have closed a near $150 million deal on La Rochelle, making it the second former Avalon high rise they have purchased in downtown New Rochelle.
This week, Holliday Fenoglio Fowler (HFF) announced the closing of its $148.5 million sale of La Rochelle, the 25-story, 412-unit luxury apartment building on Huguenot Street to the Boston-based DSF Group, which purchased the nearby Halstead New Rochelle Metro-North in 2013.
The property includes 43 studios, 142 one-bedroom, 185 two-bedroom and 42 three-bedroom units, including loft-style apartments and penthouse suites. It was acquired by Hartz Mountain Industries for $107.5 million in 2010.
Members of the New Rochelle Industrial Development Agency could not be immediately reached for a comment on the sale. According to reports, DSF plans to renovate and modernize units in the building as they become available.
“We are thrilled to expand our presence in New Rochelle after having already enjoyed tremendous success in the market with the purchase of the adjacent property,” DSF Group President Josh Solomon said.
“The DSF Group saw significant upside in the tower and local market,” HFF senior Managing Director Jose Cruz said in a statement. “Multi-family assets continue to attract core capital to urban markets within the New York area.