$200M sale of Westchester County multi-housing community closes

MORRISTOWN, N.J., August 30, 2022 – JLL Capital Markets announced today that it has closed 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, Westchester County, New York.

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

Built in 2001, Halstead Station features studio, one-, two- and three-bedroom units with open floor plans, large windows with panoramic views, light-filled kitchens and plush carpeting. Select units feature in-unit washers and dryers and walk-in closets. Community amenities include a state-of-the-art fitness center, a resident lounge, a CrossFit gym, a yoga and stretching area, a fully equipped training studio, complimentary fitness classes, an outdoor swimming pool, a courtyard with barbecue grills, a dog bark park, a kids’ lounge, private conference pods and a business center.

The property benefits form its prime CBD location that is at the entrance to the New Rochelle Metro North Station. New Rochelle Station provides access to New York City’s Grand Central Station in under 30 minutes. Additionally, Amtrak passenger rail service offers connections between the region’s prominent cities, including Washington, D.C., New York, Philadelphia and Boston. Residents also are within walking distance from nearby dining, recreation and retail.

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,” stated Cruz.

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

“We are excited to acquire an institutional quality asset in one of Westchester county’s premier locations. 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,” said Mr. Khosla, Founder and CEO of Khosla Capital.

JLL Capital Markets is a full-service global provider of capital solutions for real estate investors and occupiers. The firm's in-depth local market and global investor knowledge delivers the best-in-class solutions for clients — whether investment and sales advisory, debt advisory, equity advisory or a recapitalization. The firm has more than 3,000 Capital Markets specialists worldwide with offices in nearly 50 countries.

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With greater than $4 billion invested in over 12,000 multi-family units, offices in Boston and Washington D.C. and decades of deep-seated experience, The DSF Group strives to create unique, award-winning properties. We acquire well located multi-family properties near transportation hubs and then reposition the properties through the implementation of well thought out renovations, amenities and technology. From development and renovations through construction and asset management, financing and design, we are hands-on operators. The steady involvement of our principals drives the results of every project we invest in. For more information please visit: www.thedsfgroup.com

With over 25 years of experience in investment real estate, Khosla Capital and DKJ Equity have a track record of securing superior risk-adjusted returns and preserving real estate values. Together these privately held real estate companies own and manage over $450 million in multifamily assets in the tri-state area.

Pacific Urban Investors (“Pacific”) is a best-in-class U.S. multifamily owner, operator, and investment manager with a portfolio of over 15,000 units and over $6.5 billion of assets under management. The firm was founded in 1998 and is an industry-leading multifamily specialist with expertise in executing core, value-add and opportunistic strategies. Pacific’s structured finance team provides joint venture equity and preferred equity to developers and operators of multifamily properties in major U.S. markets. Pacific’s pursuit of superior investment performance is backed by an experienced team of real estate professionals, and a disciplined investment and risk management process. The firm invests its own partner capital as well as on behalf of institutional investors and has generated superior risk-adjusted returns on behalf of our investors, strategic partners, and shareholders.