Poughkeepsie Rental Complex Sells for $20M

POUGHKEEPSIE, NY-A 288-unit rental apartment complex here on Innis Ave. has sold for $20 million.

Officials with Marcus & Millichap Real Estate Investment Brokerage Co., report they have brokered the sale of the Mountainbrook Apartments development at 134 Innis Ave. The $20 million purchase price represents $69,444 per unit and $82 per sf, according to company estimates.

New York City-based Emmes Asset Co. sold the property. The buyer was Mountainbrook Realty LP, which owns approximately 70 properties in New Jersey and the Hudson Valley region of New York. Jeffrey Gorodensky, an investment specialist with Marcus & Millichap’s Fort Lee, NJ office, secured and represented the buyer in the transaction.

Mountainbrook was constructed in 1965 and has undergone a full renovation during the past few years. The sale included 242,884 rentable sf on approximately eight acres, according to Marcus & Millichap officials.

Gorodensky says the property is in excellent condition and its amenity package, unit size and overall environment are strong draws to new renters moving into the Dutchess County area.

Mitchell LaBar, managing director of Marcus & Millichap’s Northeast offices, credits Gorodensky in securing the deal. “The key to the value generated in this transaction is Jeff’s grasp and understanding of the Hudson Valley multi-housing market,” LaBar says. “He was able to demonstrate the significant upside potential the property presented based on recent renovation as well as new initiatives and investments in the immediate area.”

The average monthly rental rate at the complex last year was $900. The development consists of four studio units, 184 one-bedroom apartments, 96 two-bedroom units and four, three-bedroom residences.