DEAL OF THE DAY: Hudson Makes $6.8M Equity Investment in Rental Property, Adjacent Land

By Anuradha Kher, Online News EditorMt. Crested Butte, Colo.–Hudson Realty Capital, a New York-based real estate fund manager, has made a $6.08 million equity investment in a 44-unit apartment complex, The Marcellina, and nearly two acres of adjacent land located that can be developed, in Crested Butte, Colo. The money was used to purchase the property as well as for pre-development costs.The Marcellina is a 34,557-sq.-ft. building located in the Mt. Crested Butte resort, and is the only apartment community there. The apartments were completely upgraded in 2005. Amenities include two laundry rooms and an outdoor spa. “Hudson continues to be proactive in seizing quality investment opportunities in the current market, and this transaction reflects that policy,” says Spencer Garfield, managing director of Hudson Realty Capital. “We were able to purchase the property at below-market value due to some litigation associated with the acquisition.”