Diplomat Gardens L.P. recently sold a 108-unit apartment complex in Piermont, N.Y., for a price of $13.3 million.

The property, Diplomat Gardens, comprises 88,708 square feet in five buildings, and includes a 2,000-square-foot health club. The address is 60 Route 9W.

Marcus & Millichap negotiated the deal, which represented a price of $123,148 per unit. The buyer’s identity was not disclosed.

“In this off-market transaction, we targeted many institutional investors from all over the country who are looking to break into the burgeoning Rockland County marketplace for condo conversion opportunities,” Jeffrey Gorodensky, a senior investment associate in Marcus & Millichap’s New Jersey office, said in a statement. “Investor interest in Rockland County commercial real estate has grown significantly because of ongoing waterfront revitalization efforts. In addition, Rockland County is a bedroom community to four of the largest MSAs along the East Coast: New York City, Westchester County and Bergen County.”

Show Comments Hide Comments

Comments

Sign up for Inman’s Morning Headlines
What you need to know to start your day with all the latest industry developments
Success!
Thank you for subscribing to Morning Headlines.
Back to top
×
Up-to-the-minute news and interviews in your inbox, ticket discounts for Inman events and more
1-Step CheckoutPay with a credit card
By continuing, you agree to Inman’s Terms of Use and Privacy Policy.

You will be charged . Your subscription will automatically renew for on . For more details on our payment terms and how to cancel, click here.

Interested in a group subscription?
Finish setting up your subscription