harborview purchases maplewood garden apartments, 75-91 north kensico avenue, white plains, westchester county, new york
Larchmont, NY – HarborView Properties has announced the acquisition of the Kensico Garden Apartments, a 74-unit apartment community in White Plains, New York. Principal and General Partner Dale Kaufteil has formed MapleWood Gardens NY LLC., to acquire and manage the property. The complex has been officially and aptly renamed MapleWood Gardens of White Plains.
MapleWood Gardens was originally developed in 1973. The 74-unit complex is located at 75-77-81 & 91 North Kensico Avenue, off of North Broadway and Lake Street bordering North and East White Plains.
The MapleWood Gardens consists of three separate buildings on approximately 3.5 acres. The unit mixture consists of Studio's, One, Two and Three bedrooms. The buildings are two and three story brick and siding with private and semi-private entrances. There is on-site parking for 54 vehicles. The 74 units are all rent stabilized under the DHCR's Emergency Tenant's Protection Act (ETPA), which governs rents in most of lower Westchester.
The sales price was not disclosed but according to Mr. Kaufteil, the deal was an "off-market" transaction. While the principal parties are Westchester based, it was actually a Long Island Broker who introduced HarborView to the White Plains-based Seller.
Apartment Leasing at MapleWood Gardens will be handled by HarborView Properties which has a fully-staffed Leasing Division. MapleWood will be managed by Mr. Kaufteil's asset management team.
The MapleWood Gardens purchase fits HarborView's typical acquisition profile. The asset is well located in a dense, upwardly trending market; in a significant city center such as White Plains. Over the years the property had become tired with a number of deferred maintenance issues. "We saw something that we could bring back to life with an infusion of new energy and an investment of capital", said Mr. Kaufteil. Numerous upgrades and improvements are planned for the property during the first year of ownership. "We have a teamwork approach to management which includes everything from apartment renovations, apartment leasing and maintenance. We prefer to do as much in-house as possible to reduce costs and find efficiencies wherever possible", said Kaufteil.
HarborView has partnered up with WRA Properties of Mamaroneck, NY in this acquisition. HarborView and WRA have teamed up before with the purchase of the 44-Unit Echo Bay Apartments in New Rochelle and the West Orange Shopping Plaza in West Haven, CT.
For information regarding Acquisitions and Dispositions contact Dale Kaufteil at 914-834-4488