News:
Brokerage
Posted: July 16, 2024
Watkins and Algarin of The Oak & Avery Group sell 144-unit The Amberlands Apartments - $31 million
Croton on Hudson, NY The Oak & Avery Group sold The Amberlands Apartments, a 144-unit multifamily complex. This off-market transaction marks the first sale of the assets since their construction in the 1970s. Anthony Watkins, president, and David Algarin, vice president, represented the seller and the buyer in the $31 million all-cash transaction.
The all-cash buyer, moving swiftly to capitalize on this opportunity, finalized the deal at an above-market price, a 4.85% cap rate and an $215,278 per unit.
“We are thrilled to have facilitated this historic transaction,” said Algarin. “The sale of The Amberlands Apartments underscores the enduring appeal of free-market multifamily properties throughout Westchester and the Hudson Valley, and we are delighted to have achieved such a favorable outcome for both parties involved.”
Tags:
Brokerage
MORE FROM Brokerage
Reynolds, Davila and Loch of Investment Property Realty Group close $3.735 million sale of 216, 218, 220 East 179th St.
Bronx, NY Investment Property Realty Group (IPRG) closed the sale of 216, 218, 220 East 179th St., a development site located in the Mount Hope section of the city, for $3.735 million.
 (2).gif)
Columns and Thought Leadership
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
Navigating the changing landscape of hotel Property Improvement Plans and conversion brands - by Andrew Cameron
When owners are due for a significant Property Improvement Plan (PIP), they must carefully evaluate what the best course of action is. Over the past five years, major hotel brands have become significantly more flexible with their PIP schedules.
Multi-generational multifamily owners - who’s in and who’s out - by Shallini Mehra and Amit Doshi
Many long-time property owners are divesting from their rent stabilized properties at an increasingly rapid pace. This trend has gained momentum primarily due to the unyielding permanence of rent laws over the past six years and the increasing operating costs that continue to outstrip rent growth. In addition, the judiciary’s elongated timeline in processing evictions and tenant rent challenges,
Artificial intelligence in lending - by Lindsay Mesh Lotito
Artificial intelligence (AI) is beginning to help transform lending by enhancing decision-making, improving risk management and streamlining operations. With AI-powered tools that analyze vast amounts of data, lenders are able to assess borrower creditworthiness more accurately and efficiently. AI can evaluate a wide range of factors,
.gif)
August Promotion
