Ginsburg Pays $54M for The Landing on Mohegan Lake
Real Estate In-Depth | January 16, 2018
MOHEGAN LAKE—Ginsburg Development Companies has paid $54 million for The Landing on Mohegan Lake, a lakefront multifamily rental community featuring 207 one- and two–bedroom apartments here.
GDC acquired the property from New Chalet Apartments, Inc., a private equity group based in Dallas, TX. Jeffrey R. Dunne, of CBRE’s Stamford, CT office, was the broker in the transaction.
Located in Mohegan Lake in the Lakeland School District, the complex was built in the 1990s. With units recently upgraded by the prior owner, the apartments feature kitchens with granite countertops and stainless steel appliances, wall-to wall-carpeting, central air, gas fireplace, in-unit washers and dryers, balcony/patio, and vaulted ceilings with skylight in select units. The apartments range in size from 712 square feet to 1,215 square feet and rent from $1,860 to $2,595 per month.
GDC reports it plans to modernize existing amenities and add more amenity space including a children’s playground, gazebo/BBQ area on the lake and lakeside clubhouse. The existing fitness club, swimming pool and landscaping will also be upgraded, the company stated. Other amenities include a tennis court and half-basketball court. There is also lake access for fishing and boarding. The Landing on Mohegan Lake is pet friendly.
“We are very pleased to have acquired this beautiful lakefront community in the heart of northern Westchester. The improvements we plan to undertake will make this community a long-term place for residents and families to call home and come home to vacation every day,” said GDC Principal Martin Ginsburg.
GDC plans to integrate this community to its new development under construction in Peekskill called Fort Hill Apartments at the Abbey Inn. Shuttle service will be implemented to connect the two communities and the service to the Metro North train station.