(Read more on the multifamily market.)

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MIDDLETOWN, NY-A portfolio of five multi-family assets,including two locally based communities, has changed hands.Coolidge Equities, a subsidiary of Houlihan Parnes/iCap RealtyAdvisors of White Plains, acquired 655 units or four of the fiveproperties from A&R Fuel, according to officials with theKislak Company of Woodridge, NJ, which brokered the deal.

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The portfolio includes two Middletown communities--Country Manoron Stratford Lane, a 180-unit garden-style property and the160-unit Stevens Manor at the intersection of Silver and Scotchtownroads. Coolidge Equities purchased both the Country Manor andStevens Manor communities. In a separate deal, A&R Fuel soldanother Orange County-based property, Greenhouse Apartments, a69-unit multifamily complex on Stewart Avenue in Newburgh, to GHARealty.

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Also included in the Coolidge Equities transaction were twoproperties in Dutchess County--the 246-unit Village CrestApartments on Maloney Road in the Town of Poughkeepsie and the69-unit Hopewell Gardens on Route 376 in East Fishkill. M&TRealty Capital provided financing for all but the GreenhouseApartments property. HSBC funded the Greenhouse Apartmentspurchase.

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Janet Bortz, VP of the Kislak Co. who brokered the GreenhouseApartments deal for the buyer and the seller, says, "With no rentcontrol and expanding rental markets, the current demand formulti-family investment properties in the Hudson Valley is asstrong as ever. The area is quickly becoming an extremely popularoption for investors and residents alike."

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Kislak Co. VP Matt Weilheimer, who represented Coolidge Equitiesin its purchase transactions, "This was a complex transaction andwe had to work very closely with the buyers and the seller tocomplete several hurdles along the way." Stevens Manor, GreenhouseApartments and Hopewell Gardens were fully occupied at the time ofthe sale.

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John Jordan

John Jordan is a veteran journalist with 36 years of print and digital media experience.