December 5, 2019
JLL arranged the sale of The Peaks of Nanuet, a 504-unit apartment complex in the Rockland County suburb of Nanuet, NY, north of New York City. A joint venture between Harbor Group International and Azure Partners traded it to Mill Creek Residential Trust for $180 million, according to published reports.
The JLL Capital Markets team representing the seller included Jose Cruz, Michael Oliver, Kevin O’Hearn, Stephen Simonelli, Andrew Scandalios and Michael Kavanagh. A separate JLL team of Andy Scott, Matthew Pizzolato and Scott Findlay acquired Freddie Mac acquisition financing on behalf of Mill Creek and its institutional partner.
“The Peaks asset was highly sought after by both institutional and private buyers, given the property’s location, surrounding demographics and renovation upside,” said Cruz. “This sale marks the largest multi-housing trade in Rockland County to date.”
The property was 95% occupied at closing.
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