FISHKILL, NY—AVR Realty of Yonkers, NY has soldits Rivercrest Luxury Apartments community here to ROSMHousing Management in a deal valued at more than $50million, Globest.com has learned EXCLUSIVELY.

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Jeffrey Dunne, Gene Pride andPatrick Carino of CBRE'sInstitutional Properties team represented AVR Realty in thedeal.

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The 250-unit rental apartment community in Dutchess County wasbuilt in 2006 and features units averaging approximately 1,300square feet with direct exterior entrances. The community offers aresident clubhouse with fitness center, movie screening room,billiards room and resort style pool.

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Says Dunne, “This sale is indicative of a national trend we areseeing with multifamily sales in which values for exceptionalproperties in secondary locations continue to improve. Investorsbelieve that locations, such as Fishkill, with diverse employmentopportunities and attractive lifestyle alternatives are compellinginvestment options.

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He adds that competition for the asset was strong and includedinvestment groups hailing from New Jersey, New York, Connecticut,Massachusetts and California. The property also attracted interestfrom several offshore investors.

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“We expect the multifamily investment market to remain strongthroughout 2015 due primarily to a broad, deep and diverse base ofactive investors with capital from pension funds, REITS, insurancecompanies and private offices abundant,” Dunne says. “This iscoupled with attractive debt financing and market fundamentals thatcontinue to project low vacancy and increasing rents throughout NewJersey, New York and Connecticut.”

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John Jordan

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