**Hines Acquires Luxury Apartment Community in Westchester’s Tuckahoe for $63 Million**
JLL Capital Markets has announced the successful $63-million sale of Quarry Place at Tuckahoe, a 108-unit luxury rental property located in the upscale suburb of Tuckahoe in Westchester County, New York. The transaction was brokered by JLL’s senior managing directors Jose Cruz and Steve Simonelli, with director Austin Pierce representing the seller, Veris Residential. Houston-based real estate investment firm Hines was the buyer.
“Quarry Place represented an exceptional opportunity for investors to acquire a luxury transit-oriented apartment community in one of Westchester County’s most affluent downtowns,” said Cruz. “The property’s prime location, high-quality finishes, and strong occupancy levels demonstrate the continued strength of the suburban multi-housing market.”
Constructed in 2016, Quarry Place includes 61 one-bedroom and 47 two-bedroom residences, with units averaging 977 square feet. The property boasts an occupancy rate of 96% and features retail space on the ground level. The 3,275-square-foot commercial area is currently leased to Orangetheory Fitness.
Positioned just a five-minute walk from the Tuckahoe Metro-North Train Station, the property offers residents easy access to Grand Central Terminal in less than 45 minutes, reinforcing its appeal to commuters in the Greater New York City area.
