September 4, 2019 Comments Off on $48M Trade Will Keep Yonkers Complex Affordable Views: 511 National News, New York, Northeast

$48M Trade Will Keep Yonkers Complex Affordable

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CBRE Affordable Housing and CBRE’s New York Institutional Group arranged the sale of the 311-unit affordable housing community Parkledge in Yonkers, NY. The property sold to Hudson Valley Property Group for $48.3 million.

Tim Flint, EVP of CBRE Affordable Housing, represented the undisclosed seller, along with Institutional Group members Jeff Dunne, Gene Pride and Eric Apfel.

“New York continues to be a hotbed for affordable housing investments,” said Flint. “We saw multiple attractive offers on this property and were able to secure a great buyer for the property, ensuring that much needed affordable housing will stay available in the greater New York area.”

Equity for the transaction was provided by Hudson Valley Preservation Fund. The new owner plans to preserve the property as quality affordable housing, and continue to invest in the building.

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