The Highlands at Rye, a 108-unit apartment complex with ground floor retail and offices, is up for sale, NGKF Capital Markets, the investment sales group that is handling the transaction, announced this week.
The 90,000-square-foot property is in the main shopping mecca of Rye just under the bridge at Highland Road and Purchase Street and directly across from the Metro-North train station in Rye.
It is 98 percent leased, said NGKF in its release.
The complex is in three separate parcels owned by First One Three One Purchase Street, Inc., which bought the site for roughly $21 million in 2007, the according to town of Rye records.
“This is an exceptionally rare property to go on the market given its enviable location and its meticulous restoration,” said NGKF Capital Markets Senior Managing Director Stephen Westerberg, who is marketing the property with Managing Director Paul Gojkovich. “Lenders are already indicating hyper aggressive multi-family financing terms because of the property’s rent roll stability and Rye’s strong market fundamentals.”
The Highlands is one of the largest rental apartment buildings in Rye and in the immediate area. Current listings show one bedrooms renting for between $1,595 and $2,175 per month and a two-bedroom for $2,550 per month.
The Highlands at Rye has 66 one-bedroom units, 32 two-bedroom units and 9 three-bedroom units. The complex also has four ground-floor retail spaces along Purchase Street, as well as one office unit. In addition, the offering includes an 8,900-square-foot, one-story building that abuts the property lot and which is leased to an auto body repair business.
Built in 1925, the restored garden courtyard building offers original architectural details such as crown moldings and hardwood floors alongside modern amenities and updates like on-site laundry, fitness center and a parking lot. A majority of the units have been fully renovated with top class finishes such as stone countertops in kitchens and stainless steel appliances. Plans are in place for a rooftop terrace, said NGKF. The commute to Westchester Airport is 15 minutes by car and to Grand Central, 35 minutes by train.