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The 337,892-square-foot property consists of 16 three-story buildings. Waypoint Residential recently upgraded all unit interiors, which resulted in a notable rent increase and therefore now presents a strong value-add opportunity for the new ownership, according to Cushman & Wakefield.
The campus is currently used for administrative functions of the New York State Office for People with Developmental Disabilities, which occupies four buildings on the site as well as the on-site power plant. In March 2017, ESD issued a Request for Expressions of Interest for the site.
“Siena is indicative of active living communities, a rapidly growing subsector of senior living that appeals to adults ready to downsize, live near neighbors like themselves, but not quite ready for the more traditional independent senior living community,” says Michael Hartman, principal – active living, Capitol Seniors Housing.