The largest transaction involved the sale of the Highland Club apartment complex in Watervliet for $11.25 million, which cashes out at $52,083 per unit.
Jeffrey Gorodensky, a senior investment associate and director with Marcus & Millichap's National Multi Housing Group, and Jonathan Silverman, a multifamily investment specialist, represented the seller, Rait Highland Club LLC, as well as the buyer, a Rochester-based management company.
"The purchaser's motivation in this transaction was to enter the Albany marketplace," states Gorodensky. "There are very few transactions in the marketplace and the majority of those transactions are rarely marketed. The purchaser made the investment based on the ability to raise rent in a strengthening market, while the seller realized its exit strategy."
Highland Club, a 155,303-sf property at 20 Eastview Dr., was built in 1980 and features a mix of studios, one-bedroom and two-bedroom units. The asset closed at a sub 6% cap rate, Marcus & Millichap officials say.
In a separate transaction, Marcus & Millichap arranged the sale of the Rivercrest East Apartments in Poughkeepsie for $9.6 million, which represents a price of $100,000 per unit.
Marcus & Millichap's Gorodensky, Silverman and Patrick Forde, a senior associate, represented the buyer and the seller in the transaction. Jonas Lee of Redbrick Partners also represented the buyer. Neither the buyer nor the seller was identified by Marcus & Millichap in its announcement.
"This deal represents an aggressive cap rate and one of the highest prices per unit in Dutchess County's history," notes Gorodensky. The asset sold at a 5% cap rate.
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