X

Thank you for sharing!

Your article was successfully shared with the contacts you provided.

POUGHKEEPSIE, NY-The sale of two Poughkeepsie-area garden apartment properties, including the 835-unit Chelsea Ridge complex in Wappingers Falls, has closed for a total of $102 million in one of the region’s largest multifamily deals this year. Both properties in the 1,187-unit portfolio in Dutchess County were sold by Denver-based AIMCO, which had bought them for a combined $78.5 million in 2000 and 2007.

The Solomon Organization, based in Summit, NJ, sought to expand its multifamily reach into southeastern New York State with the purchase of Chelsea Ridge for $73.5 million and the 352-unit Hudson Harbour Apartments in Poughkeepsie for $28.5 million. It operates rental apartment and townhouse complexes in Pennsylvania, Connecticut and New Jersey as well as upstate New York.

“Like all commuter communities within the Hudson Valley, Wappingers Falls and Poughkeepsie are multifamily investment hotbeds because of the favorable travel distance to New York City and the exceptional upscale country-club-like lifestyle amenities that can be incorporated into suburban apartment complexes,” Joseph Brecher, EVP at Gebroe-Hammer, says in a release. Gebroe-Hammer represented the buyer in both transactions.

AIMCO was represented by Steve Witten and Victor Nolletti of Marcus & Millichap in the sale transaction, which was originally announced in late November. The apartment REIT had paid $41.5 million for Chelsea Ridge in December 2000 and $37 million for Hudson Harbour in April 2007. It recently upgraded both properties.

The Solomon Organization’s expansion into Connecticut occurred in October with its $19.1-million purchase of Westgate Apartments in West Hartford, CT. Jeffrey Dunne, Christopher Leonard and Matthew Innes of CB Richard Ellis’ New York institutional group collaborated with Michael Stone of CBRE’s Hartford, CT office to represent 1248 Westgate Associates Limited Partnership in the sale.

Want to continue reading?
Become a Free ALM Digital Reader.

Once you are an ALM digital member, you’ll receive:

  • Unlimited access to GlobeSt and other free ALM publications
  • Access to 15 years of GlobeSt archives
  • Your choice of GlobeSt digital newsletters and over 70 others from popular sister publications
  • 1 free article* every 30 days across the ALM subscription network
  • Exclusive discounts on ALM events and publications

*May exclude premium content
Already have an account?

GlobeSt. APARTMENTS SPRING 2021Event

Join 1000+ of the industry's top owners, investors, developers, brokers & financiers at THE MULTIFAMILY EVENT OF THE YEAR!

Get More Information
 

GlobeSt

Join GlobeSt

Don't miss crucial news and insights you need to make informed commercial real estate decisions. Join GlobeSt.com now!

  • Free unlimited access to GlobeSt.com's trusted and independent team of experts who provide commercial real estate owners, investors, developers, brokers and finance professionals with comprehensive coverage, analysis and best practices necessary to innovate and build business.
  • Exclusive discounts on ALM and GlobeSt events.
  • Access to other award-winning ALM websites including ThinkAdvisor.com and Law.com.

Already have an account? Sign In Now
Join GlobeSt

Copyright © 2021 ALM Media Properties, LLC. All Rights Reserved.