Institutional Property Advisors Brokers Sale of 71-Unit The Atwood Multifamily Asset in Pleasantville, New York
Institutional Property Advisors (IPA), a division of Marcus & Millichap (NYSE: MMI), announced Aug. 6 that it negotiated the sale of The Atwood, a 71-unit apartment community in downtown Pleasantville, New York, marking another multifamily transaction in one of Westchester County's most supply-constrained rental markets.
The Deal and the Brokerage Team
Eric Pentore, senior managing director investments at IPA, and Victor Nolletti of IPA brokered the transaction. Pentore, Nolletti, and Westley Klockner represented the seller and procured the buyer, working in association with John Horowitz, Marcus & Millichap's broker of record in New York. The sale price was not disclosed.
"The Atwood is a truly unique boutique Class A apartment community in Downtown Pleasantville, one of Westchester County's most supply-constrained and highest-barrier-to-entry rental markets," Pentore said. "Over the past two decades, fewer than 250 units have been delivered in Pleasantville."
Property Overview: The Atwood in Downtown Pleasantville
Completed in 2023, The Atwood comprises 71 apartment homes with an average unit size of approximately 774 square feet. The property is situated in downtown Pleasantville, within walking distance of the Pleasantville Train Station, which offers rail service to Grand Central Terminal in Midtown Manhattan in under an hour. The nearby Sawmill River Parkway provides residents with access to surrounding towns and Southern Westchester County.
The property features a fitness studio with a steam room and sauna, a community lounge, and a rooftop entertainment terrace equipped with built-in grills, televisions, and fire pits. Individual apartment homes include open-concept floor plans, oversized windows, and in-unit washers and dryers, with select residences offering walk-in closets with custom built-in shelving. Retail and entertainment options are available nearby at the Rose Hill Shopping Center, the Arcadian Shopping Center, and the Palisades Center.
Market Context: Supply Constraints and Investor Demand
The transaction reflects ongoing investor appetite for newly built multifamily assets in high-barrier suburban markets. With fewer than 250 units delivered in Pleasantville over the past 20 years, the limited pipeline of new supply has positioned the submarket as an attractive destination for renters seeking commuter access to Manhattan without paying urban rents — and for investors seeking stable multifamily cash flow.
Broader market conditions are also supportive of deal activity. U.S. commercial real estate investment volume reached $136 billion in the first quarter of 2026, up 27% from a year earlier, while debt availability rose 52% year over year during the same period. CBRE projects total U.S. commercial real estate investment activity will rise 16% in 2026 to $562 billion, with cap rates for most property types compressing modestly. Multifamily fundamentals have remained comparatively resilient, with absorption holding above long-term norms and slowing new supply expected to support rent growth through the year, even as the 10-year Treasury yield — which stood at 4.48% in May 2026 — continues to weigh on borrowing costs.
About Institutional Property Advisors and Marcus & Millichap
Institutional Property Advisors is a division of Marcus & Millichap focused on serving institutional clients through real estate investment and capital markets expertise, proprietary research, and technology-driven solutions for the acquisition, disposition, and financing of institutional properties and portfolios. Marcus & Millichap is a commercial real estate services firm operating across North America.
Sources: Institutional Property Advisors press release, Aug. 6, 2026