Poughkeepsie, NY GFI Realty Services, LLC handled the $35.3-million sale of 134 Innis Ave., a 288-unit garden apartment complex. GFI Realty associate director Josh Orlander represented the seller and Sylvia Spielman, also of GFI Realty, represented the buyer. Both the buyer and seller are local investors and wish to remain anonymous.
Constructed in 1966, the 150,156 s/f property features a mix of 187 one-bedroom units, 97 two-bedroom units and four three-bedroom units.
“This was an off market deal and we were able to identify the right buyer for this well-maintained stable cash flowing asset” said Orlander. “The property is also ideally located within minutes from downtown Poughkeepsie and in close proximity to I-87 and Rtes. 9 and 155.”
“Poughkeepsie is undergoing a revival spurred by rezoning intended to boost residential development” said Spielman. “The buyers recognized the value of acquiring an asset in this market during this period of resurgence.”
Located in the Hudson Valley in Dutchess County, Poughkeepsie is a post-industrial city on the rebound. The city is attracting thousands of tourists annually and developers are streaming into the area bringing about a mini residential boom.