September 3, 2019
Verco Properties recently acquired two White Plains apartment communities developed by Lighthouse Living company. The developments are The Reed at 115 N. Broadway, and The Dylan at 42 Waller Ave. The purchase price for each was $11 million.
The Reed is three stories and has 23 units, while the Dylan is four stories, with 24 units and commercial space on the ground floor. Both used modular construction and were built in 2015.
“We like owning boutique residential communities and those types of properties,” John Verni, principal and partner of Mamaroneck, NY-based Verco, told the Westchester County Business Journal. “We acquired those properties when they became available because we want to be more in Westchester, which is our home.”
Verni said Mann did a “very good job” of developing the properties. He added that they’re comparatively new and expressed confidence that they will not require renovation.
Pictured: The Reed in White Plains.
Connect National Investment & Finance is coming to New York on Oct. 23. For more information, or to register, click here.
Connect Opportunity Zones will be presented for the first time on Oct. 23 in New York. For more information, or to register, click here.
For comments, questions or concerns, please contact Paul Bubny