Lexington Property Group Buys in New York
Avanath Capital Management sold the Hudson Valley asset for $31 million.
Lexington Property Group has purchased a multifamily community, Grand Pointe Park, for $31 million. The 156-unit property, located in Poughkeepsie, N.Y., was sold by Avanath Capital Management.
Avanath Capital Management acquired the asset in 2017 for $19.4 million, according to Yardi Matrix data. It is 100 percent occupied.
Grand Pointe Park is a two-story, garden-style community built in 1997 featuring one-, two- and three-bedroom units. The wood-frame asset received updated apartment finishes between 2013 and 2016. Community amenities include a pool, fitness center, resident lounge, coffee bar and dog park.
The Hudson Valley region, with its many dining, retail and recreational options, is accessible via the Poughkeepsie train station 3.1 miles from the property. Located at 161 Clubhouse Drive, the community is in proximity to the Vassar College, Marist College and Dutchess Community College of the State University of New York. Poughkeepsie is also home to outdoor spaces and hiking trails.
Jeff Dunne, Richard Gatto, Fahri Ozturk, Eric Apfel, Stuart MacKenzie and Zach McHale with CBRE represented Avanath Capital Management in the deal was well as procured Lexington Property Group.
New York and Poughkeepsie legislature
Poughkeepsie is one of several municipal governments in New York to enact local versions of the Good Cause Eviction bill, which experts speculate could deter further housing investment.
The Good Cause Eviction bill, introduced in 2019 and 2021 in New York, would have made it illegal to evict residents except in cases of nonpayment and would have restricted rent increases by 3 percent per year. In June, the New York State Legislature failed to pass the proposed bill, a choice that was widely applauded by the multifamily industry.