Poughkeepsie’s Grand Pointe Park sells for $31M

Grand Pointe Park, a 156-unit multifamily community in Poughkeepsie, has been sold for $31 million.

The development was built in 1997 as a two-story, garden-style, wood-frame residential community featuring a clubhouse with an outdoor pool, fitness studio, resident lounge and coffee bar, playground and dog park. Unit finishes were last updated between 2013 and 2016.

CBRE represented the seller, Avanath Capital Management, an institutional investment manager based in California and Virginia with 77 properties across the United States. The team also procured the buyer, Lexington Property Group, a privately held real estate investment group based in New Jersey.