
Syracuse, NY CBRE Upstate NY, an affiliate of CBRE, negotiated the sale of Regency Tower Apartments, a 237-unit multifamily property located at 770 James St., to a partnership between The Walden Group and Sierra Heights Management.
The 287,000 s/f building is 98% occupied among residential and its six commercial tenants which include Attilio’s restaurant.
CBRE Upstate NY’s Lawrence Papaleo and Peter Finn brokered the transaction.
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,