CBRE Brokers $64.3 Million Apartment Sale in White Plains, New York
CBRE Brokers $64.3 Million Apartment Sale in White Plains, New York
CBRE Group announced it has arranged the $64.3 million sale of 51 South Apartments, a residential property located in White Plains, New York. The deal adds to a steady stream of multifamily transactions brokered by the commercial real estate services firm across the New York metropolitan area.
White Plains, the county seat of Westchester County, has remained an active suburban multifamily submarket as demand for rental housing within commuting distance of Manhattan continues to draw investor interest. CBRE’s capital markets team, which regularly represents buyers and sellers in the region, handled the transaction on behalf of the parties involved.
The announcement comes as CBRE shares traded at $148.74, up 4.75% from the previous close of $142.00, giving the company a market capitalization of roughly $43.7 billion. The firm, which operates through its Advisory Services, Building Operations and Experience, Project Management, and Real Estate Investments segments, serves clients across the United States, the United Kingdom, and internationally.
Context on the suburban multifamily market
Investment sales activity in Westchester County and other northern New Jersey and suburban New York markets has picked up in recent quarters as lending conditions for stabilized residential assets have improved. Transactions like the 51 South Apartments sale reflect continued appetite for rental communities in transit-accessible suburbs, where vacancy rates have generally remained tighter than in some urban cores.
Capital markets brokers such as CBRE have been key intermediaries in this flow of assets, connecting private and institutional sellers with buyers seeking yield in residential properties outside the five boroughs.
What to watch
- CBRE’s upcoming quarterly earnings report, which may provide updates on capital markets and Advisory Services revenue trends.
- Any company guidance regarding transaction volumes in the multifamily segment.
- Further multifamily investment sales announcements in the Westchester County and broader suburban New York markets.
Source: original release