NEW YORK CITY—E&M Management acquired the Lakeshore Villas and Sunset Gardens multifamily properties in upstate New York from Morgan Communities for $44 million.
Lakeshore Villas is a 152-unit lakefront development, with 2-bedoom homes, located in Port Ewen, NY, a few minutes-drive from Kingston, NY. Sunset Gardens is a 217-unit garden community, with 2-bedroom apartments, located in the heart of Kingston, NY.
“We were attracted to Lakeshore and Sunset because of their high occupancy rate, excellent property condition, as well as how both properties complement our existing portfolio within the greater Kingston submarket,” says Danny Goldstein, managing partner and principal at E&M Management.
Seeking to attract young families, each property within three miles of one another, includes a clubhouse, pool, playground and fitness facility. E&M Management plans on adding a second bathroom to the apartments within Sunset Gardens, as well as infuse capital throughout both properties to further improve the onsite amenities.
Jeffrey Seidenfeld, managing director of Eastern Union Funding, arranged a $33 million loan for the E&M acquisition, led by Irving Langer and Danny Goldstein. It's a 10-year term, with a 3.5% rate and a 30-year schedule.
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