Jeffrey Gorodensky, a senior investment associate in Marcus & Millichap's New Jersey office, secured and represented the buyer in the transaction. The seller is a locally based investment group that had owned the properties for more than 25 years. Gorodensky would not identify the buyer, but said the partnership owns and manages apartment buildings, shopping centers and office buildings in New York, New Jersey and Connecticut.
The Poughkeepsie property that changed hands was Corlies Manor, which is located at 35 Flannery St. near Vassar College. The 292-unit, garden-style complex was constructed in the 1960s and features one-, two- and three-bedroom units.
Also part of the sales transaction was the Hyde Park Heights Apartments development, which is located on East Market Street in Hyde Park, near the Roosevelt Mansion, the Culinary Institute of America and Marist College. The 128-unit complex was constructed in the 1980s, according to Marcus & Millichap officials. Gorodensky says that both properties present the new owner with "significant upside potential" in management and rents.
© Arc, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to TMSalesOperations@arc-network.com. For more information visit Asset & Logo Licensing.