JLL Capital Markets arranges sale of The Kensington at Halfmoon

Halfmoon, NY JLL Capital Markets arranged the sale of The Kensington at Halfmoon, a 200-unit, garden-style multifamily community.

JLL worked on behalf of the seller, Richbell Capital. The buyer was MLG Capital. JLL also advised the buyer on the acquisition financing.

JLL Capital Market’s investment sales and advisory team included senior managing directors Steve Simonelli and Jose Cruz, along with director Austin Pierce.

The Kensington at Halfmoon is located at 1 Kensington Ct. in Clifton Park, 12 miles north of Albany and 10 miles south of Saratoga Springs. The property is adjacent to highways including Rte. 9 and the Northway (I-87), providing connectivity to employers like GlobalFoundries, General Electric and St. Peter’s Health Partners throughout the Albany-Schenectady-Troy metropolitan area.

The Capital Region of N.Y. has transformed into “Tech Valley” through state and federal investments in advanced manufacturing and semiconductor research.

This tech ecosystem has attracted major companies in nanotechnology, clean energy and biotechnology, creating a thriving corridor for both established corporations and emerging startups.

Built in 2014, the two-story community spans 245,640 s/f and features a diverse mix of floorplans ranging from one- to two-bedroom plus den layouts with a large average unit size of 1,228 s/f. Most units feature private garages with direct access, as well as private patios or balconies. The property maintained 98% average occupancy over the trailing 12 months and experienced 6.5% rent growth during the same period.

Residents enjoy resort-style amenities including a swimming pool, fitness center, community clubhouse with social gathering rooms and billiards, movie theater, dog park and complimentary coffee bar. The pet-friendly community offers 371 total parking spaces including 200 attached garages.

“The sale of The Kensington at Halfmoon demonstrates continued investor appetite for well-located multifamily assets with proven value-add potential,” Simonelli commented. “The property’s strategic position in the Saratoga County market and strong occupancy fundamentals make it an attractive acquisition for MLG Capital.”

“Richbell Capital is very pleased with the efforts of JLL. Their diligent process resulted in the right buyer for the Kensington,” said Ben Milde of Richbell Capital.