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

Jeffrey Dunne, Gene Pride and Patrick Carino of CBRE's Institutional Properties team represented AVR Realty in the deal.

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

Says Dunne, “This sale is indicative of a national trend we are seeing with multifamily sales in which values for exceptional properties in secondary locations continue to improve. Investors believe that locations, such as Fishkill, with diverse employment opportunities and attractive lifestyle alternatives are compelling investment options.

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

“We expect the multifamily investment market to remain strong throughout 2015 due primarily to a broad, deep and diverse base of active investors with capital from pension funds, REITS, insurance companies and private offices abundant,” Dunne says. “This is coupled with attractive debt financing and market fundamentals that continue to project low vacancy and increasing rents throughout New Jersey, New York and Connecticut.”