Richbell Capital has sold the 200-unit, garden-style multi-housing community, The Kensington at Halfmoon, in Halfmoon, NY, to MLG Capital in a deal brokered by Morristown-based JLL Capital Markets.
The Kensington is at 1 Kensington Ct. in Clifton Park, NY, about 12 miles north of Albany and 10 miles south of Saratoga Springs.
The property sits adjacent to major highways, including Route 9 and the Northway (I-87), providing seamless access to major employers such as GlobalFoundries, General Electric, and St. Peter’s Health Partners throughout the Albany-Schenectady-Troy metropolitan area.
“The sale of The Kensington at Halfmoon demonstrates continued investor appetite for well-located multifamily assets with proven value-add potential,” JLL’s Senior Managing Director Steve Simonelli told GlobeSt.com.
“Investors are attracted to apartment communities in the capital region because they can acquire quality real estate at a slight discount to similar properties in the lower Hudson Valley and New York City suburbs.”
Simonelli added that the area’s strong jobs market – driven by regional technology investment – has led to high occupancy rates and continued positive rent growth.
The Capital Region of New York has transformed into “Tech Valley” through significant state and federal investments in advanced manufacturing and semiconductor research. This tech ecosystem has attracted major companies in nanotechnology, clean energy, and biotechnology, creating a corridor for both established corporations and emerging startups.
Built in 2014, the two-story The Kensington at Halfmoon spans 245,640 net rentable square feet and features floor plans ranging from one- to two-bedroom plus den layouts with a large average unit size of 1,228 square feet.
Most units feature private garages with direct access, as well as private patios or balconies. The property maintained an average occupancy of 98% over the trailing 12 months and experienced 6.5% rent growth during the same period.
