CORNWALL, NY-Morgan Investment Fund LLC has acquired its first asset in Orange County with the $11.1-million purchase of the Cornwall Park townhome complex here. The asset is a 75-unit rental apartment community located at 17 Brewster Rd. just off Route 9.
The complex is a rarity in Orange County in that it features exclusively three-bedroom units. The property totals nearly 13 acres and sits across from Cornwall Hospital and near Downtown Cornwall. CB Richard Ellis' Jeffrey Dunne and Patrick Bisceglia of its New York Institutional Group represented the seller Home Properties of Rochester. CBRE also procured the buyer, Morgan Investment Fund LLC, an entity controlled by the Bobker Group of New York City.
CBRE's Bisceglia notes that "Cornwall Park enjoys a strong market position as the only luxury rental community in Cornwall and will likely be converted to homeownership when the market is ready. The buyer recognized this potential and should do well with this asset in the long run."
Morgan Investment Fund's Patrick Colwell, director of acquisitions, confirms that a future conversion to condominiums is in the offing for the property. "We are excited about our acquisition of Cornwall Park," says Colwell. "In addition to being a great condominium conversion in the long run, the property fits Morgan Investment Fund's strategy of buying stabilized properties at pricing below replacement cost in markets with significant barriers to entry." According to Morgan Investment Fund's website, Cornwall Park was built in 1970 and is currently 97% occupied.
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