111 Hudson Valley Landing in Kingston, New York — Courtesy: JLL
By Joshua Burd
The owner of a 67-unit apartment complex in New York’s Hudson Valley is looking to sell or recapitalize the property, brokers with JLL said, touting its value-add potential through renovations and an adjacent development parcel.
According to the listing team, the asset known as Waterfront at the Strand is part of a community in Kingston whose economy is on the rise with the help of a flourishing tourism sector, a robust health care industry and a vibrant arts scene. The property at 111 Hudson Valley Landing also has clear views of the Hudson River and is steps from the city’s downtown, which has vibrant dining options, galleries and seasonal festivals.
JLL noted that the complex, which opened in 1990 and is 97 percent occupied, “presents significant upside” through ongoing unit renovations. The team also pointed to the 1.13-acre parcel that sits alongside the property, which has as of right zoning, providing new development potential that’s minutes from Route 9W and Interstate 87.
“Moreover, it’s situated just moments away from Kingston’s historic uptown area, SUNY Ulster and the Hudson Valley’s expanding array of culinary and cultural attractions,” JLL wrote in its marketing materials. “Waterfront at the Strand offers investors the opportunity to acquire a rare waterfront Hudson Valley asset with a proven renovation program and development upside.”
The firm’s Steve Simonelli, Mike Oliver, Jose Cruz, Austin Pierce, Elizabeth DeVesty and Ryan Robertson are leading the offering, with support from financing brokers Scott Aiese and Michael Shmuely.
