News: Brokerage

Capital District Real Estate Investment Team begins $1.85 million Falls Edge Apartments project

Falls Edge Apartments, 22 High Street - Rensselaer, NY Falls Edge Apartments, 22 High Street - Rensselaer, NY

Rensselaer, NY The principals of Capital District Real Estate Investment Team (CDREIT) have started a $1.85 million comprehensive renovation project. Twelve apartment units will replace vacant office space with housing for young professionals, near downtown Albany, public transportation and highways.

Falls Edge Apartments, located at 22 High St., will offer views of the Albany skyline. Each apartment will offer pre-installed wifi and Sonos home stereo systems, hallway security cameras, granite countertops and in-unit washer/dryers. The building, which will be extensively renovated and updated by CDREIT, is near from the falls at Mills Creek, as wells as hiking and biking trails.

“Falls Edge is a fantastic project for our company, as it will give us the opportunity to execute a top-to-bottom vision for each and every apartment unit,” said CDREIT vice president Dan Odabashian. “Our company has a strong, local history of responsible property management, and we are focused on providing high quality residential apartment experiences for our tenants.”

“This is a significant investment for the city of Rensselaer in a building that would otherwise sit vacant, and yet another example of positive development that’s happening around our downtown,” said mayor Dan Dwyer. “The city was immediately impressed by CDREIT’s track record in the city of Albany, and I welcome their investment here in Rensselaer.”

Falls Edge will be home to 12 one-bedroom units between 650 and 750 s/f. Demolition of former office spaces began recently, and CDREIT expects to have a model unit ready this month, with move-in dates in the spring of 2017.

In addition to the Falls Edge project, CDREIT is also in the process of renovating and revitalizing the location of the former Hinckel Brewery in Albany. The $12.4 million conversion project will bring 75 high quality apartment units to Albany, in proximity to Albany Medical Center, The Capitol, The Egg, New York State Museum, Times Union Center and Lincoln Park.

READ ON THE GO
DIGITAL EDITIONS
Subscribe
Columns and Thought Leadership
A fresh start - by Shallini Mehra and Amit Doshi

A fresh start - by Shallini Mehra and Amit Doshi

For the past several years, the New York City multifamily housing market has been defined by disruption. The combined impact of the HSTPA rent laws and a sharply higher interest rate environment has fundamentally reduced
The death of the generic offering memorandum: What buyers expect in 2025 - by Kimberly Zar Bloorian

The death of the generic offering memorandum: What buyers expect in 2025 - by Kimberly Zar Bloorian

There was a time when an offering memorandum (OM) was pretty bare bones, some photos, a few bullet points on income, and a rent roll thrown in at the back. That used to get the job done. Not anymore. In 2025, buyers are sharper, faster, and more selective. They’re looking
The anticipated effect of Basel III and ISO 20022 implementation on commercial real estate - by Michael Zysman

The anticipated effect of Basel III and ISO 20022 implementation on commercial real estate - by Michael Zysman

July 1, 2025 is the deadline for US banks to begin to adopt Basel III banking standards and July 14, 2025 is the deadline for U.S. banks to adopt ISO 20022 messaging standards. Both will have a significant effect on the banking and commercial real estate (CRE) finance sectors.
Tri-state capital  migrates nationally amid  regulation pressure - by Reese Weaver

Tri-state capital migrates nationally amid regulation pressure - by Reese Weaver

New York tri-state multifamily investors are increasingly reallocating capital to less-regulated markets across the U.S. as rent control and legislative risk erode returns at home. With over 60% of New York City’s rental housing stock classified as rent-stabilized, the traditional value-add model — buying under-performing buildings,