Marcus & Millichap arranges sale of 100-unit Meadow East

Potsdam, NY Marcus & Millichap negotiated the sale of Meadow East, a multifamily property.

“Meadow East, a 100-unit community, was approximately 30% vacant at the time of sale, presenting an extensive value-add opportunity in a tertiary upstate New York market,” said Matthew Gault in Marcus & Millichap’s Westchester office. “Our team expanded the buyer pool beyond the immediate market and identified an experienced upstate operator whose ownership of similar assets in comparable markets allowed him to get comfortable with the property’s heavy-lift repositioning.”

Gault, Seth Glasser and Mike Fusco of Marcus & Millichap exclusively marketed the property on behalf of the seller, Meadow East Associates LP, and procured the buyer, Stonehaven Residences.

Located at 118 Leroy St., Meadow East is on a 15.4-acre lot. The property was built in 1963 and consists of 84,186 rentable s/f. The unit mix includes 26 one-bedroom, 52 two-bedroom and 12 three-bedroom apartments.

Meadow East is situated in the foothills of the Adirondacks and the St. Lawrence Valley, near Clarkson University and SUNY Potsdam. It is close to the Raquette River, the Canadian border and US Rte. 1.