Marcus & Millichap arranges 1031 exchange in New York

Longtime owner releases assets

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Marcus & Millichap negotiated the sale of a two-property, 420-unit apartment package in Poughkeepsie, N.Y., and Hyde Park, N.Y.  The package commanded a sales price of $22.5 million. An Englewood Cliffs, N.J.-based investment partnership acquired the assets in a 1031 exchange. The seller is a Poughkeepsie-based investment group that had owned the properties for more than 25 years. Corlies Manor is located at 35 Flannery St. near Vassar College in Poughkeepsie. The 292-unit, garden-style complex was constructed in the 1960s with one-, two- and three-bedroom floor plans. Hyde Park Heights Apartments is located on E. Market St. in Hyde Park, near the Roosevelt Mansion, The Culinary Institute of America and Marist College. The 128-unit complex was constructed in 1980s. Encino, Calif.-based Marcus & Millichap is a commercial real estate brokerage. *** What's your opinion? Send your Letter to the Editor to opinion@inman.com....