Cushman & Wakefield and Pyramid Brokerage Company arranged four multifamily investment sales totaling $200 million-plus across New York State. The volume of activity signals the growing investor appetite for well-located multifamily assets in a region that benefits from high barriers to entry and sustained economic growth and investment.
The transactions included the following:
- The $36,750,000 sale of the 336-unit Country Glenn in Grand Island, NY by Berkley Properties to NBM Equities.
- The $31,850,000 sale of the 340-unit U-Crest and Belvedere Manor in Cheektowaga, NY by Pillar Real Estate Investors to Chopp Holdings.
- The $82,400,000 sale of the 666-unit Clifton Park Portfolio in Clifton Park, NY by affiliates of The Solomon Organization to Merion Realty Partners.
- The sale of the 234-unit Steeplechase at Malta in Malta, NY by The Silverman Group to 3Y Realty.
Cushman & Wakefield’s Niko Nicolaou, Ryan Dowd, Peter Welch, JP Hohl, and Alexandria Russo Ebers, in collaboration with Pyramid’s Jonathan Weinstein and Robert Stewart, represented the sellers and procured the buyers in these transactions traversing the state from Albany to Buffalo.
“All across Upstate New York we are seeing new investors entering the market seeking multifamily assets that are positioned to meet the growing demand for high quality housing in the region,” said Nicolaou. “This demand stems from a robust knowledge economy being fueled by leading medical and educational institutions located across the state and bolstered by significant investment from high-tech manufactures like Micron and Global Foundries”.
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