White Plains Apartment Complex Sold for $64.3 Million

The 134-unit 51 South Apartments property was recently sold by RMS Companies.

Updated on Oct. 13, 2026 in Commercial

Bold vector editorial illustration showing a stylized modern apartment building facade with clean lines and geometric window patterns. — RMS Companies sold the 134-unit 51 South Apartments in White Plains for $64.3 million to an unnamed buyer this week. AI Illustration. Upload story photo >

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RMS Companies has completed the sale of the 51 South Apartments in White Plains for $64.3 million. The newly constructed multifamily community features 134 residential units and extensive amenity space.

Why it matters

The sale highlights ongoing interest in high-end suburban residential developments that offer commuters proximity to major urban employment hubs. This transaction underscores the value placed on modern amenities and tax-advantaged properties in the current real estate market.

The 51 South Apartments project includes over 20,000 square feet of amenities and benefits from a 12-year tax PILOT agreement. The property offers transit-oriented living with a 40-minute commute to New York City.

The players

RMS Companies

This real estate development and construction firm was the seller of the 51 South Apartments.

CBRE Institutional Properties

This global commercial real estate services firm represented the seller in the transaction.

The details

Completed in 2025, the development serves as a modern rental option in White Plains for residents seeking accessibility to the Metro-North rail line. CBRE Institutional Properties acted as the representative for the seller, RMS Companies, throughout the deal.

The 51 South Apartments were completed in 2025.
The sale of the property was officially announced on October 13, 2026.

Culture Shift

This sale reflects a broader movement toward transit-oriented suburban development that mirrors national shifts in where professionals choose to live and work. It demonstrates how developers capitalize on the demand for high-amenity living outside of primary city centers.

Residents living in the building should see no immediate changes to their day-to-day living conditions or lease terms following the ownership transfer. The presence of the tax PILOT agreement helps stabilize property costs in the local housing market.

The takeaway

Large-scale real estate transactions often involve long-term tax structures that benefit both the developer and the municipality. Prospective renters should research whether properties they are considering carry similar tax incentives, as these can influence long-term stability.