Cushman & Wakefield, in collaboration with Pyramid Brokerage Company, announced that it helped in the sale of a multifamily portfolio in Upstate New York for $82.4 million.
The deal consists of Foxrun Apartments and North Pointe Apartments, two high-demand properties situated in Clifton Park.
The portfolio was sold by affiliates of The Solomon Organization to Merion Realty Partners, highlights the growing demand for well-positioned multifamily assets in the Albany metro area.
Cushman & Wakefield’s Niko Nicolaou, Ryan Dowd, Peter Welch, JP Hohl, and Alexandria Russo Ebers represented both the buyer and seller in the transaction, alongside Jonathan Weinstein, Robert Stewart and Joseph Mahoney from Pyramid Brokerage Company.
“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. Investors were attracted to the Albany Metro area because of its resilient multifamily fundamentals and consistent market growth,” Nicolaou said. “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.”
Foxrun Apartments is located at 100 Foxwood Drive and offers 468 units spread across 41 acres, with an average occupancy of 87%. North Pointe Apartments is located at 1688 Route 9 and includes 198 units situated on 12 acres, maintaining a stable 92% occupancy rate.
Foxrun and North Pointe Apartments both benefit from assumable, long-term debt with favorable fixed rates, adding yet another layer of appeal to this investment opportunity. Saratoga County continues to see notable growth, fueled by its strategic location, top-tier institutions, and quality of life offerings, making it a magnet for both residents and investors.
