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Rye Brook-based National Multifamily Corp. has announced the completion of the sale of a 15-unit mixed-used lower Westchester portfolio under a 1031 exchange for $2.6 million.

The 15 unit free-market portfolio consists of two sites: 20 & 22 Mount Vernon Ave., a 10-unit property in Mount Vernon, and 186 Ashburton Ave. (pictured here), a five-unit property in Yonkers. All three properties have one retail on the ground level and apartments above.

Matt Cawley, president of National Multifamily, represented the seller, 1862022 LLC, and procured the buyer, 1020 60th Street LLC.

“We are pleased to have successfully sold the 15-unit Westchester County portfolio for our clients,” Cawley said. “We were able to procure multiple bids which led to a highly qualified local Yonkers-based group who was under a 1031 exchange being selected. Due to the drastic change in the debt market with the rise of interest rates, the deal was renegotiated to a higher price than was originally agreed to as the assumable debt that was part of the deal became more attractive. We were able to guide all parties to a successful assumption of the debt and we were able to close the deal for the buyers in a timely manner for their 1031 exchange.”

Rye Brook, NY: Matt Cawley of National Multifamily recently completed the sale of four free-market properties across two transactions in Westchester County.

A three-property portfolio located at 186 Ashburton Ave., Yonkers, and 20 & 22 Mount Vernon Ave., Mt Vernon, consists of 15 units (three retail and 12 apartments). All properties are free-market with one retail at each property and apartments above. The majority of the portfolio had tenant paid utilities. The property sold for $2.6 million on June 23, 2022. Cawley represented the seller and procured the buyer.

The apartments located at 35 High St., Rye, is comprised of five units totaling 3,390 rentable s/f in one 2.5 story building built in 1890. Situated on a 0.21 acre site there are eight off-street parking spaces, a laundry facility, and a common garden. The tenants pay for the heat and hot water at the property through individual gas boilers and hot water heaters. The property sold for $1.35 million on May 31, 2022. Cawley represented the seller.

Cawley, president of National Multifamily, said, “Despite the quick rise in interest rates we continue to see strong demand for both multifamily and mixed-use properties in Westchester County. We are very happy for all sellers and buyers in these transactions.”

The multifamily property at 35-37 High St. in Rye has sold for $1.35 million.

The property was built in 1890 and is situated on a 0.21-acre site. The property consists of five free market units – three two-bedroom and two one-bedroom apartments, and the site includes eight off-street parking spaces, a laundry facility and a common garden.

Matt Cawley, founder and president of National Multifamily Corp., represented the seller, RNJ Holding of Cortlandt Manor LLC; an unnamed Westchester-based investor acquired the property.

“We had multiple bids on the property, which was fully marketed,” said Cawley. “The property will add nicely into the portfolio of the Westchester County investor who won the bidding.”

National Multifamily Corp. announced the sale of 35 Butler Ave. in Bridgeport for $885,000.

The three-story brick walk-up was built in 1920 and consists of six three-bedroom apartments. Matt Cawley, founder and president of National Multifamily Corp., represented the seller, 35 Butler LLC, and procured the seller, an unnamed Fairfield County-based investor.

“We had extreme interest in the property which was fully marketed and created an over-ask bidding war within the first week of hitting the market,” said Cawley. “The property will add nicely into the portfolio of the Fairfield County investors who won the bidding over multiple New York City investors.”

Hartford, CT: According to Matt Cawley, the former head of United Multi Family’s New York office, he has founded a new brokerage: National Multifamily.

The firm will focus primarily on selling apartment buildings from 5 to 500 units in New York and Connecticut, and is licensed in MA, NJ, PA, CO, and FL. In addition to traditional sales, National Multifamily offers a 1031 exchange identification program for both internal and external clients.

Cawley, formerly the head of the New York office for United Multi Family, founded National Multifamily. While at UMF from 2014 to 2022, Cawley personally closed over 60 transactions with an aggregate value in excess of $225 million. Cawley’s sales were highlighted by a 462 unit, 14 building portfolio in Bridgeport, Connecticut for $30.54 million and a 103 unit ground lease in Rye, NY for $17.15 million. Cawley was additionally recognized by 914 Inc. Magazine as a top business professional under 30 in Westchester in 2019.

Cawley reflected on his experience at the previous brokerage, said, “My time at UMF goes back much further then when I officially started in 2014. Ever since I was a little kid, I was listening in on calls and watching a great broker in my dad, Rich Cawley, navigate deals. I had a front row seat to watch him create the Mass-based United Multi Family into one of the top Northeast brokerage firms. Having the opportunity to work with both him and my brother Kurt was an extremely special time in my life and their support of the new company has been incredible.”

As for the future Cawley said, “I learned through osmosis as a kid and then directly as a professional from one of the best brokers in the region. My experiences with my dad resulted in a high success rate at UMF which carried over to National Multifamily as we started closing deals in March. I look forward to leading National Multifamily and serving owners across the nation at the highest levels. At National Multifamily, we continue to add tools to ensure our agents are well equipped to create a successful, smooth, and transparent sales process for their multifamily clients. We look forward to being a brokerage you can trust, no matter where you want to invest.”

New York, NY: According to Matt Cawley, the former head of United Multi Family’s New York office, he has founded a new brokerage: National Multifamily.

The firm will focus primarily on selling apartment buildings from 5 to 500 units in New York and Connecticut, and is licensed in MA, NJ, PA, CO, and FL. In addition to traditional sales, National Multifamily offers a 1031 exchange identification program for both internal and external clients.

Cawley, formerly the head of the New York office for United Multi Family, founded National Multifamily. While at UMF from 2014 to 2022, Cawley personally closed over 60 transactions with an aggregate value in excess of $225 million. Cawley’s sales were highlighted by a 462 unit, 14 building portfolio in Bridgeport, Connecticut for $30.54 million and a 103 unit ground lease in Rye, NY for $17.15 million. Cawley was additionally recognized by 914 Inc. Magazine as a top business professional under 30 in Westchester in 2019.

Cawley reflected on his experience at the previous brokerage, said, “My time at UMF goes back much further then when I officially started in 2014. Ever since I was a little kid, I was listening in on calls and watching a great broker in my dad, Rich Cawley, navigate deals. I had a front row seat to watch him create the Mass-based United Multi Family into one of the top Northeast brokerage firms. Having the opportunity to work with both him and my brother Kurt was an extremely special time in my life and their support of the new company has been incredible.”

As for the future Cawley said, “I learned through osmosis as a kid and then directly as a professional from one of the best brokers in the region. My experiences with my dad resulted in a high success rate at UMF which carried over to National Multifamily as we started closing deals in March. I look forward to leading National Multifamily and serving owners across the nation at the highest levels. At National Multifamily, we continue to add tools to ensure our agents are well equipped to create a successful, smooth, and transparent sales process for their multifamily clients. We look forward to being a brokerage you can trust, no matter where you want to invest.”