Marcus & Millichap arranges 1031 exchange in New York

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.

All rights reserved. This content may not be used or reproduced in any manner whatsoever, in part or in whole, without written permission of Inman News. Use of this content without permission is a violation of federal copyright law.