Upstate NY Community Commands $59M
- Aug 07, 2018
Siara Management has disposed of Nob Hill Apartments, a 761-unit community in Syracuse, N.Y. The buyer, a joint venture comprising a New York investor and two equity partners, paid $58.5 million for the property, which is set to undergo renovations under new ownership.
Built in 1970, the four-building property is one of the city’s largest communities. Nob Hill encapsulates one- to three-bedroom units, as well as a series of amenities, including:
- community room and laundry facilities
- fitness center and playground
- picnic area and fire pits
- outdoor pool with sundeck
- indoor parking garage
Situated on 27.6 acres, at 100 Lafayette Road, the property is close to the Syracuse Central Business District, Syracuse University and SUNY Upstate Medical University, the area’s largest employer. Major thoroughfares such as South Salina Street and interstates 81 and 481 provide easy access throughout the region.
Pyramid Brokerage Co. Executive Managing Director Robert Scherreik and President John Clark, together with a Cushman & Wakefield Capital Markets team of Andrew Merin, David Bernhaut, Gary Gabriel, Brian Whitmer and Ryan Dowd arranged the sale on behalf of the seller and procured the buyer. Last month, Cushman & Wakefield represented the seller in the disposition of The High Line portfolio, a group of four contiguous mixed-use buildings in Manhattan.
“The multifamily market in Syracuse remains on solid footing and is highly desirable to investors. Nob Hill demonstrates the strength of these market fundamentals as evidenced by consistent historically strong occupancy rates,” Whitmer said in a prepared statement.
Image courtesy of Yardi Matrix