RENSSELAER, NY-About a year after it acquired the property, Abacus Capital Group, LLC has put its Mansions at Technology Park apartment complex here on the market for sale. The 98%-occupied site was completed in two phases during 2002 and 2003. The property has 390 one-, two- and three-bedroom apartment homes averaging 1,283 sf.
The Chicago office of Holliday Fenoglio Fowler LP was selected to exclusively market the 390-unit property in this Albany, NY suburb. HFF senior managing director Matthew Lawton and directors Dave Nachison, Marty O'Connell and Sean Fogarty are leading the investment sales team.
Nachison says that Abacus was able to secure increases in rents at the property and sees an opportunity to sell the complex at a premium, considering the strength of the local rental apartment housing market. No asking price for the property was released.
According to published reports, Abacus acquired the property in May 2005 for approximately $38 million. Nachison says that offers will be accepted on the property during the first week of June.
"The Capital Region is a very high barrier to entry market experiencing strong job and household formation," says Lawton. Nachison adds that the park is "a core-plus opportunity," considering apartment developments in the area are currently enjoying high 90s occupancy rates. Abacus Capital Group, formed in 2004, currently oversees a portfolio valued in excess of $200 million and expects to purchase approximately $250 million of multifamily real estate in 2006, HHF officials say.
© 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.