Institutional Property Advisors Closes Multifamily Asset Sale in New York’s Capital District
“Owned by the same family since its construction in 1985, Country Gardens Apartments is located on two contiguous parcels and approved by the City of Troy for development of an additional 140 units,” said IPA’s Victor Nolletti. Nolletti and James Egan of Marcus & Millichap represented the seller, Country Gardens Acres LTD, and procured the buyer, Corridor Country Gardens LLC, a Corridor Ventures Inc. LLC. John Horowitz, first vice president and division manager, is Marcus & Millichap’s broker of record in the State of New York. Team members assisting in the transaction were Eric Pentore and Wes Klockner.
The property is adjacent to John B. Staalesen Vanderheyden Preserve, near Downtown Troy, Albany, and employers Regeneron, Global Foundries, and a newly opened Amazon fulfillment center. The Route 4 retail corridor and access to Interstate 787 are nearby. The city of Troy overlooks the Hudson River, is close to Lake George and the Adirondack Mountains, and is home to Rensselaer Polytechnic Institute, Russell Sage College and Hudson Valley Community College. The University at Albany, Skidmore College and Union College are all within a short drive.
Country Gardens Apartments is composed of two contiguous parcels totaling 39 acres. The asset’s 14 three-story buildings occupy 28-acre Parcel One and Parcel Two has 11 acres. The property’s unit mix is 49 one-bedroom/one-bath apartments, 118 two-bedroom/one-bath units, 41 of which have a den, and one three-bedroom/two-bath apartment home. The low-density setting is enhanced by a fitness center, concierge service, an outdoor jogging path and laundry facilities in each building. The average unit size is 1,011 square feet.
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Institutional Property Advisors (IPA) is a division of Marcus & Millichap (NYSE: MMI), a leading commercial real estate services firm in North America. IPA’s combination of real estate investment and capital markets expertise, industry-leading technology, and acclaimed research offer customized solutions for the acquisition, disposition and financing of institutional properties and portfolios. For more information, please visit www.institutionalpropertyadvisors.com.