REBusinessOnline

Avanath Capital Management Acquires Multifamily Property in Poughkeepsie for $19.3M

POUGHKEEPSIE, N.Y. — Avanath Capital Management has acquired Grand Pointe Park, a 156-unit apartment complex in Poughkeepsie, for $19.3 million. The property is located three miles from Poughkeepsie Station, which provides train service to Grand Central Station in New York City. Major employers in the area include IBM, GlobalFoundries and Health Quest. Grand Pointe Park was 98 percent occupied at acquisition and includes a swimming pool, fitness studio and basketball court. Avanath plans exterior upgrades to the clubhouse, pool deck and parking lots. Dmitry Gourkine of CBRE represented both the buyer and the seller. Avanath secured a $13 million loan from Fannie Mae to finance the acquisition. The 10-year loan was structured with a loan-to-value ratio of 67 percent. Grand Pointe Park is located at 161 Clubhouse Drive.

Content Partners
‣ Bohler
‣ Lee & Associates
‣ Lument
‣ NAI Global
‣ Walker & Dunlop

Webinars on Demand


Conferences


Subscribe to the newsletter

Read the Digital Editions

Texas Affordable Housing Business

Southeast Affordable Housing Business

Heartland Recent Issue

Northeast Recent Issue

Southeast Recent Issue

Texas Recent Issue

Western Recent Issue

Shopping Center Business

California Centers

Ancillary Retail

Student Housing Business

Seniors Housing Business

Featured Properties  

2021 Finance Insight Video Interviews