Westchester County Apartment Community Trades Hands for $32 Million via Walker & Dunlop

Rhea-AI Summary

Walker & Dunlop completed the $32,250,000 sale of The Mariner, a Class A apartment community in Port Chester, New York. Opened in 2012, the LEED Silver Certified property features 100 spacious units with premium amenities. Managed by Thomas Walsh and Joseph Garibaldi, the sale was facilitated for institutional investors advised by J.P. Morgan Asset Management. The Mariner is noted as a premier asset in Westchester County, ideally located near transportation and recreational facilities.

Positive

• Sale of The Mariner for $32,250,000 enhances Walker & Dunlop's portfolio.
• The property is considered one of Westchester County's premier residential assets.
• Walker & Dunlop continues to expand its multifamily property sales capabilities.

Negative

• None.

BETHESDA, Md., Dec. 4, 2020 /PRNewswire/ -- Walker & Dunlop, Inc. announced today that it has completed the $32,250,000 sale of The Mariner, a Class A apartment community located along the Byram River and Port Chester's Riverwalk Promenade in Port Chester, New York.

The property opened in 2012 following the neighborhood's comprehensive redevelopment, which rapidly transformed the streetscape into a destination for retail, entertainment, and living. Originally planned as a condominium, the LEED Silver Certified property comprises 100 spacious units and features a best-in-class amenity package.

Walker & Dunlop's team was led by Managing Directors Thomas Walsh and Joseph Garibaldi. The team represented the seller, institutional investors advised by J.P. Morgan Asset Management, serving as broker and advisor for the disposition. 

Mr. Walsh stated, "Institutionally developed, owned, and maintained, The Mariner is considered one of Westchester County's premier residential assets. This sale represented a very rare opportunity to acquire an institutional caliber boutique luxury residential asset in one of the nation's highest barriers to entry metropolitan areas, and we were pleased to play a part in the transaction."

Situated in the heart of downtown Port Chester, The Mariner is within walking distance of Port Chester's Metro-North Train Station, providing direct access to midtown Manhattan and to Stamford, Connecticut. Premium community amenities include a fitness studio, social lounge, concierge service, and a landscaped roof overlooking downtown Port Chester with sweeping views of the Long Island Sound and Port Chester's active recreational marina. The condominium-grade units average over 1,000 square feet and feature premium fixtures and finishes, including high ceilings, hardwood floors, and quartz countertops.

Walker & Dunlop is a leader in the multifamily property sales space and continues to expand its capabilities and reach across the United States. The company has more than doubled the size of its property sales team since the end of 2018 and has added new offices in Austin, Chicago, Columbus, Los Angeles, the New York Metropolitan area, Philadelphia, Portland, and San Diego. Walker & Dunlop is focused on growing this platform to complement its national mortgage banking footprint. To learn more about our property sales capabilities, visit our website.

About Walker & Dunlop
Walker & Dunlop (NYSE: WD), headquartered in Bethesda, Maryland, is one of the largest commercial real estate finance companies in the United States. The company provides a comprehensive range of capital solutions for all commercial real estate asset classes, as well as investment sales brokerage services to owners of multifamily properties. Walker & Dunlop is included on the S&P SmallCap 600 Index and was ranked as one of FORTUNE Magazine's Fastest Growing Companies in 2014, 2017, and 2018. Walker & Dunlop's 900+ professionals in 40 offices across the nation have an unyielding commitment to client satisfaction.

About J.P. Morgan Global Alternatives
J.P. Morgan Global Alternatives is the alternative investment arm of J.P. Morgan Asset Management. With more than 50 years as an alternatives investment manager, $145 billion in assets under management and more than 600 professionals (as of June 30, 2020), we offer strategies across the alternative investment spectrum including real estate, private equity and credit, infrastructure, transportation, liquid alternatives, and hedge funds. Operating from offices throughout the Americas, Europe and Asia Pacific, our 15 independent alternative investment engines combine specialist knowledge and singular focus with the global reach, vast resources and powerful infrastructure of J.P. Morgan to help meet each client's specific objectives. For more information: jpmorganassetmanagement.com.

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SOURCE Walker & Dunlop, Inc.

FAQ

What was the sale price of The Mariner by Walker & Dunlop?

Walker & Dunlop completed the sale of The Mariner for $32,250,000.

Where is The Mariner located?

The Mariner is located in Port Chester, New York, along the Byram River.

What type of property is The Mariner?

The Mariner is a Class A apartment community with 100 units.

Who represented the seller in the sale of The Mariner?

The seller was represented by Walker & Dunlop's Managing Directors Thomas Walsh and Joseph Garibaldi.

When was The Mariner opened?

The Mariner opened in 2012.

Which company advised the institutional investors in The Mariner's sale?

The institutional investors were advised by J.P. Morgan Asset Management.