WAPPINGERS FALLS AND POUGHKEEPSIE, N.Y. — Summit, N.J.-based The Solomon Organization has acquired a 1,196-unit multifamily portfolio from Denver-based AIMCO. The purchase marks Solomon's entry into New York's Hudson Valley as well as the company's first acquisition from a REIT.
Chelsea Ridge Apartments is an 838-unit property located in Wappingers Falls. It features a mix of one-, two- and three-bedroom residences. Amenities include a clubhouse, a swimming pool, a tennis court, a playground, a dog park and laundry facilities. The community also includes Chelsea Ridge Mall, which contains a convenience store, a deli and pizza parlor, a pool room, a movie room, a lounge and a business center.
The second property, Hudson Harbour Apartments, is a 352-unit community located in Poughkeepsie. It contains one-, two- and three-bedroom homes and features amenities such as a playground, a picnic area, abundant greenspace, a courtyard and laundry facilities.
“This transaction is one of the many signs that suggests changes in the debt and equity markets, and Wall Street's view of where REITs should own multifamily properties, which has caused REITs to examine their size and composition,” said Marc Solomon, founder of The Solomon Organization, in a statement. “Additionally, in the last 10 years, REITs have dominated the market, but perhaps now they will be a source of inventory for private investors like ourselves, who have a proven 30-year history of investing large sums of private equity for good opportunities.”
AIMCO was represented by Steve Witten and Victor Nolletti of Marcus & Millichap in the sale transaction.
— Coleman Wood