New Rochelle High-Rise Apartment Tower Sells For $200M

NEW ROCHELLE, NY — A longtime fixture of the New Rochelle skyline will be getting new owners after a multimillion dollar sale was announced on Tuesday.

The $200 million sale of Halstead Station, a 24-story, 408-unit, luxury high-rise multi-housing community located at the Metro-North train station in New Rochelle, has now closed, JLL Capital Markets announced.

The tower was built in 2001. Halstead Station has a mix of rental housing ranging from studios to three-bedroom apartments.

“We are excited to acquire an institutional quality asset in one of Westchester county’s premier locations," Khosla Capital Founder Raman Khosla said, announcing the purchase. "Given its strategic location, its value-add potential and all the development in New Rochelle, Halstead Station is a great fit for our portfolio. We look forward to improving the property; enhancing the living experience for our residents and creating value for our investors."

The property benefits from a prime location at the entrance to the New Rochelle Metro-North Station. The high-rise luxury tower is walking distance from downtown dining, recreation and retail outlets. The residential building boasts large windows with panoramic views. Existing amenities include a fitness center, lounge, CrossFit gym, an outdoor swimming pool, a courtyard with barbecue grills, a dog park, a kids’ lounge, private conference pods and a business center.

JLL said it represented the seller, an affiliate of The DSF Group, in the transaction. Khosla Capital LLC, in a preferred equity venture with Pacific Urban Investors, acquired the asset, according to the company.

The JLL Capital Markets Investment Advisory team representing the seller was led by Jose Cruz, Steve Simonelli, Michael Oliver, Andrew Scandalios, Kevin O'Hearn, Marion Jones and Josh Stein.

"Demand for New Rochelle multi-housing remains very strong with investors underwriting significant rental upside in the market," Cruz said.

Earlier this year, JLL Capital Markets worked on behalf of RXR to arrange a $105 million loan from Rialto Capital Management to refinance 360 Huguenot, a 28-story, 280-unit, mixed-use high-rise building in downtown New Rochelle.

"The sale of Halstead Station represents another successful execution of our value-add strategy and the completion of our second investment in New Rochelle,” DSF Group President Josh Solomon said.