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PIERMONT, NY-In the second significant multifamily property sale this month in Rockland County, the 106-unit Diplomat Gardens complex here has been sold for $13.3 million, valued at $123,148 per unit and a cap rate of approximately 4%.

Earlier this month it was reported on globest.com that a discretionary fund of AvalonBay Communities of Alexandria, VA had acquired the Crystal Hill Club, a 168-unit luxury rental apartment complex here from Ginsburg Development Corp. of Valhalla.

The sale of the Diplomat Gardens property, located at 60 Route 9W, was brokered by Marcus & Millichap Real Estate Investment Services. Jeffrey Gorodensky, a senior investment associate, and Pat Forde, a senior associate, in the firm’s New Jersey office, represented the seller, Northern New Jersey-based Diplomat Gardens LP. The purchaser was New York City-based investor Red Brick Piermont LLC.

Gorodensky and Forde say that the new ownership plans to undertake a significant rehabilitation of the property “and it is our understanding that the exit strategy is a condo conversion.”

The complex consists of 88,708 sf of space in five buildings that also features a 2,000-sf health club.

“In this off-market transaction, we targeted many institutional investors from all over the country who are looking to break into the burgeoning Rockland County marketplace for condo conversion opportunities,” Gorodensky says. “Investor interest in Rockland County commercial real estate has grown significantly because of ongoing waterfront revitalization efforts. In addition, Rockland County is a bedroom community to four of the largest MSAs along the East Coast: New York City, Westchester County and Bergen County.”

He notes that the buyer moved aggressively on the deal with few contingencies and put up a “substantial non-refundable deposit in order to ensure his place at the negotiating table.”

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