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June 12, 2019  

Harbor Dealing Suburban NY Rentals

Harbor Group International is pitching a suburban New York apartment complex as a value-added play.The 504-unit property, in Nanuet, N.Y., could attract bids of about $187 million, or $371,000/unit. At that price, the buyer’s initial annual yield would be roughly 5%. HFF is representing Harbor, a Norfolk, Va., investment manager.The property, at 100 Avalon Gardens Drive, was built in 1998. Only 30% of the units have been renovated. A buyer...

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