N.Y. apartment sale totals 724 units

A&R Fuel has sold a five-property apartment portfolio located in New York’s Orange and Dutchess counties for approximately $51.8 million.

Buyers of the properties included four limited liability companies and a real estate company.

Among the properties were:

• Village Crest Apartments, located at Maloney Road in the town of Poughkeepsie. The 246-unit garden-style apartment complex is situated on 30 acres and was sold to Coolidge Maloney Road LLC.
• Country Manor, located near Route 211 on Stratford Lane in Middletown. The 180-unit, 2 1/2-story brick garden-style building is situated in a park-like setting and features a pool for residents. Coolidge Stratford Lane LLC purchased the asset.
• Stevens Manor, located at Silver/Scotchtown Road in Middletown. The 160-unit, garden-style brick apartment complex features a pool. Coolidge Scotchtown Road LLC purchased the property fully occupied.
• Greenhouse Apartments, located on Stewart Avenue in Newburgh. The 69-unit, two-story brick colonial building is located just one mile from the New York State Thruway and Route 84. GHA Realty acquired the building 100 percent occupied.
• Hopewell Gardens, located on Route 376 in East Fishkill. Formerly a farm and stable, this 69-unit apartment building was fully occupied at the time of the sale. Coolidge 376 LLC mad the purchase.

Kislak Co. Vice President Janet Bortz said in a statement that the buyers were attracted by the absence of rent control, which is making the current demand for multifamily investment properties in the Hudson Valley “as strong as ever.”