Popular Hudson Valley Apartment Complex Sells for $31 Million
On Thursday real estate representatives announced the sale of a popular 156-unit community in the Hudson Valley.
The commercial real estate group, CBRE, says that Avanath Capital Management has sold Grand Pointe Park in Poughkeepsie for $31 million. The residential community was built in 1997 and sits just off Salt Point Turnpike near St. Peter's Cemetery. The complex includes a fitness studio, playground, dog park, outdoor pool, coffee bar and clubhouse.
Eric Apfel from CBRE told Real Estate Weekly that the Poughkeepsie property attracted lots of potential buyers.
There was significant interest in the offering due to its location in the Mid-Hudson Valley and the opportunity to add value by renovating apartments and upgrading amenities to contemporary resident tastes. While southern markets are seeing a significant slowdown in rental growth and transaction activity, the New York City metro still offers compelling value to investors in terms of yield, durability of incomes, and constrained supply growth.
The property was sold to Lexington Property Group, a New Jersey-based real estate investment group. The group's website says that the company's mission is "transforming potential into profit." Intensive renovations are at the top of the list of things this group says they do to make sure "every property purchased turns a profit, regardless of its original condition."
It's unclear if any renovations are planned for Grand Pointe Park, but the property has been described as highly desirable due to its proximity to Poughkeepsie and the train station while still being located outside the city in a quiet, bucolic setting.
Former owners, Avanath Capital Management have scrubbed the property from its website and the URL for Grand Pointe Park is no longer in service.
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