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(Read more on the multifamily market.)

POUGHKEEPSIE, NY-Hudson Harbour Apartments & Townhomes, a 352-unit rental apartment complex here, has been sold, Cushman & Wakefield reports. Denver-based REIT Aimco acquired the property from Hudson Highland Properties of Beacon. Harry Alcock, chief investment officer for Aimco, tells GlobeSt.com that the purchase price was approximately $37 million.

This isn’t the first deal in Dutchess County for the REIT. Aimco already owns Lakeview Apartments, a rental property in Poughkeepsie, and the 800-unit Chelsea Ridge rental apartment community in adjoining Wappingers Falls. Cushman & Wakefield metropolitan area capital markets group’s Andrew Merin, David Bernhaut, Gary Gabriel and Jose Cruz brokered the transaction.

The property, which was built between 1980 and 1983, includes 21 buildings that feature one-bedroom apartments to three-bedroom townhomes. A comprehensive capital improvement plan was begun in 2003 that has to date financed $6 million in improvements, Cushman officials say.

Cruz says that the sale of Hudson Harbour is another indicator of a strong multifamily investment market in the region. “The amount of capital chasing multifamily deals today continues to drive sales in this sector,” he says. “Throughout the tri-state area, the demand for class A product continues to push cap rates down and pricing up.”

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