Avalon buys luxury Pomona club.Crystal Hill Club in Pomona, N.Y., has sold, following multiple-round bidding by more than one dozen interested investors, announced Cushman & Wakefield, Inc.'s Metropolitan Area Capital Markets Group. AvalonBay Communities AvalonBay Communities, Inc. (NYSE: AVB) is an Alexandria, Virginia-based public real estate investment trust. The company specializes in acquiring, developing, redeveloping and managing high-quality apartment communities in high barrier-to-entry markets, such as the Northeast, won the competition for this gated, 168-unit luxury multifamily community, which was developed by Ginsburg Development Corporation. "Crystal Hill Club is considered to be among the region's premier luxury rental complexes," said Cushman & Wakefield's Jose Cruz Jose Luis Cruz (Cheo) can refer to different people:
tr.v. or·ches·trat·ed, or·ches·trat·ing, or·ches·trates 1. To compose or arrange (music) for performance by an orchestra. 2. the sale with team members Andrew Merin, David Bernhaut and Gary Gabriel. "The property has very limited competition for renters seeking luxury residences within the densely populated Rockland, Orange and Bergen counties." Crystal Hill Club includes one- and two-bedroom apartments in six townhome-style buildings and three mid-rise complexes. The 12-acre site includes a community clubhouse and many other lifestyle features. "At the time of the sale, Crystal Hill Club was operating at its typical occupancy rate Noun 1. occupancy rate - the percentage of all rental units (as in hotels) are occupied or rented at a given time pct, per centum, percent, percentage - a proportion in relation to a whole (which is usually the amount per hundred) of well above 90%, in keeping with its historic strong performance and evidencing an improving overall rental market," Merin said. "AvalonBay has a great opportunity to increase net operating income Operating Income The profit realized from a business' own operations. Notes: This would not include income from things such as investments in other firms. Also referred to as operating profit or recurring profit. by taking advantage of improving market fundamentals and increasing revenue and/or reducing expenses at this property." The property was acquired by the AvalonBay Value Added Value Added The enhancement a company gives its product or service before offering the product to customers. Notes: This can either increase the products price or value. Fund, L.P., a private, discretionary investment vehicle in which AvalonBay has a 15% equity interest. The Fund acquires and operates multifamily apartment communities in AvalonBay's high barrierto-entry markets of the Northeast, Mid-Atlantic, Midwest, and West Coast regions of the U.S. |
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