A portfolio of six apartment complexes totaling 324 units in northern Westchester recently sold for $36.5 million, according to brokers at Marcus & Millichap Real Estate Investment Services.
The buyer, Morgan Management L.L.C. in suburban Rochester, operates about 35 mobile home parks in four states and about 45 apartment complexes, most in central and western New York. It is the company”™s first investment in Westchester. The seller, Home Properties L.P., is a private subsidiary of Home Properties Inc., a publicly traded real estate investment trust based in Rochester.
The portfolio includes the 100-unti Patricia Apartments and 71-unit Hudson View Estates in Peekskill, the 82-unit Bari Manor Apartments in Croton-on-Hudson and, in Ossining, the 43-unit Sparta Green Apartments and 28-unit Sherwood Townhouse and Sherwood House complex.
Steve Witten and Victor Nolletti, of Marcus & Millichap”™s New Haven, Conn., office, and Mark Walsh and John Thomas, of Select Investment Realty Advisors in Smithtown, were exclusive brokers in the sale. Financing was provided by Fannie Mae through M & T Realty Capital Corp.
