New Rochelle, NY Palladium Management has arranged the acquisition of The Echo Bay Apartments at 126 Franklin Ave. The fully occupied 44-unit elevator apartment building was purchased for $6.4 million in an off-market, all-cash transaction. The fully rent stabilized property, which features large format units, represents a 6.4% Cap Rate. Palladium Management, which owns and manages two other nearby multifamily properties, plans to upgrade the building’s common area finishes, and renovate units as they become available. The property was acquired as part of a 1031-exchange, and will be financed by Amalgamated Bank. Financing is being arranged by Daniel Hilpert at Mortgage Equicap.
Palladium Management’s founding principal David Roth said, “We’re pleased to add the Echo Bay Apartments to our portfolio of multifamily properties in New Rochelle. We continue to find success in this submarket, and with the recent approval of Forest City’s nearby Echo Bay redevelopment, we feel strongly that 126 Franklin will enjoy sustained growth and value appreciation over time.”
Story ran in the Westchester section on 08/27/2013
Palladium Management, LLC
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