M&M two-property package nets $22m

Real Estate Weekly, Dec 15, 2004

Marcus & Millichap Real Estate Investment Brokerage Company recently announced the sale of a two-property, 420-unit apartment package in Poughkeepsie, N.Y., and Hyde Park, N.Y.

The package commanded a sales price of $22.5 million.

Jeffrey Gorodensky, a senior investment associate in Marcus & Millichap's New Jersey office, secured and represented the buyer in the transaction. An Englewood Cliffs, N.J.-based investment partnership acquired the assets in a 1031 exchange. The seller is a Poughkeepsie-based investment group that had owned the properties for more than 25 years.

Corlies Manor is a 292-unit, garden-style complex constructed in the 1960s. Hyde Park Heights Apartments is a 128-unit complex constructed in 1980s.