Foxrun Apartments at 100 Foxwood Drive in Clifton Park, New York — Courtesy: Cushman & Wakefield
By Joshua Burd
The Solomon Organization has sold a 666-unit apartment portfolio in Upstate New York for $82.4 million, in a deal arranged by Cushman & Wakefield and Pyramid Brokerage Co.
The Summit-based firm, through affiliates, completed the sale to Merion Realty Partners as part of a transaction that brokers say highlights the appeal of Saratoga County and the greater Albany region. The properties include Foxrun Apartments at 100 Foxwood Drive and North Pointe Apartments at 1688 Route 9, both in Clifton Park and both coming with assumable, long-term debt with favorable fixed rates.
Cushman’s Niko Nicolaou, Ryan Dowd, Peter Welch, JP Hohl and Alexandria Russo Ebers represented both the parties, working in collaboration with Jonathan Weinstein, Robert Stewart and Joseph Mahoney from Pyramid Brokerage.
“The Foxrun and North Pointe properties both benefit from prime locations in Saratoga County and proximity to Albany’s Tech Valley, a hub for innovation, education and employment,” Nicolaou said. “Investors were attracted to the Albany Metro area because of its resilient multifamily fundamentals and consistent market growth. With both properties offering excellent opportunities for renovation coupled with the noted strong demand dynamics, the new ownership is poised to unlock further value across this portfolio.”
According to a news release, Foxrun Apartments has 468 units spread across 41 acres, with an average occupancy of 87 percent. North Pointe Apartments, meantime, is home to 198 units on 12 acres, maintaining a stable 92 percent occupancy rate.
