The building design incorporates solar panels and other energy-savings features that state officials say will make Energy Square the Hudson Valley's first “net zero” affordable housing development.

The REIT hopes to increase its multifamily value-add properties.

The 266,303-square-foot portfolio was purchased on behalf of Sterling Organization's institutional fund, Sterling Value Add Partners III, LP for an undisclosed amount.

Hospital officials say the new tower will be a part of a planned $215-million campus expansion and modernization effort. Construction on the new patient tower is expected to begin in the first quarter of 2019.