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Dutchess County MFs Trade for $102M

POUGHKEEPSIE, NY-New Jersey-based Solomon Organization has bought the 1,187-unit garden apartment portfolio from AIMCO.

By Paul Bubny | Updated on December 22, 2009

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.

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