WHITE PLAINS APARTMENTS INVESTMENT
The purpose of this Confidential Investment Offering Overview is to provide a summary of a possible future private investment opportunity that may be made available to a certain limited number of accredited investors. This is not an offer to sell real estate and/or any type of security, partnership interest, public or otherwise.
The contemplated offering, if made available formally, would provide Investors with the opportunity to acquire an interest in a to-be-built 6 story, 77-unit multi-family luxury rental community in White Plains, New York, located just across the street from one of the most successful shopping malls in the country, The Westchester. One Dekalb Place, the name of the new apartment building, will be the premier rental address in White Plains offering luxury apartments, first-class amenities, and a location that is both convenient within Westchester County, as well as nearby New York City. White Plains is located in the heart of wealthy Westchester County, New York and contains a thriving downtown business district with nearby access to local, national, and international modes of transportation. Just 25 miles north of Manhattan – a 34-minute commute by express train—it is home to high-tech firms like Disney Publications and IBM, and major corporations such as Pepsi Co. and Kraft Foods. White Plains is an area known for its prosperous residential neighborhoods, strong public school systems, thriving retail and restaurant scene, and high-end demographics. The apartment community is being developed by Lighthouse Living, LLC. Lighthouse Living is a White Plains based real estate development firm, managed by David Mann. Mr. Mann, a New York native, has been active in the Westchester area for the past 6 years and has completed 5 successful apartment communities with 2 currently under construction. His three most recently accomplished projects represent a total of 103 units completed in 2014 at a cost of $32 million, however appraisals used for refinancing the assets valued the properties at a much greater $48 million.
New York City Skyline
Rockefeller State Park Preserve, Westchester County, NY
One Dekalb Place will be a top-of-the-line rental community featuring 77 studio, one-, and two-bedroom luxury residential units with 105 below ground parking spaces. The Property will include 1,900 square feet of amenity space, an 850 square foot fitness center, and an 800 square foot mezzanine outdoor terrace. Additionally, the property will feature a 3,000 square foot roof deck outfitted with BBQ stations, firepit, and multiple TV lounges. Tenants will enjoy in-unit washer and dryers and top-of-the-line unit finishes and amenities including gourmet kitchens with quartz countertops, engineered wood flooring and private terraces. The Property is settled in a suburban location yet in the center of downtown White Plains, and directly across from The Westchester shopping center, featuring upscale shops such as Neiman Marcus, Louis Vuitton, Gucci and Tiffany’s. The site is also next to “The Source” a strip center featuring a Whole Foods, Cheesecake Factory, Dick’s Sporting Goods, and Morton’s Steakhouse. Located several blocks away is White Plains’ most vibrant block featuring trendy bars, restaurants and salons. White Plains is conveniently located only 6 miles from the Westchester County Airport.
The city of White Plains has a population of 60,000, which grows to 250,000 on an average weekday due to incoming shoppers, visitors and workers. White Plains is considered one of the wealthiest cities in America with a median family income of about $91,000 and a premier business market, ranking 5th in the state in annual sales volume. Retail trade earns close to $2 billion in sales annually, while the professional services and health care sectors each total more than $1 billion. The active economy and growing population led Businessweek magazine to declare White Plains as one of America’s fastest growing cities in 2010.
There are only five large multi-family rental buildings in White Plains, New York. The balance of the rental market is made up of co-op and condominium owners renting their respective units, mostly in smaller buildings with no amenities. There is currently a lack of new multi-family rental developments in White Plains, while vacancy rates are below 2%. Due to its proximity to New York City, as well as the strong local business, retail, and leisure offerings, as well as the comparative ease of suburban lifestyle, in addition to the dramatically increased cost of living in Manhattan, it is anticipated that the population of White Plains will continue to grow each year.