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.
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Paul Bubny
Paul Bubny is managing editor of Real Estate Forum and GlobeSt.com. He has been reporting on business since 1988 and on commercial real estate since 2007. He is based at ALM Real Estate Media Group's offices in New York City.
