Cushman & Wakefield Brokers Fishkill Multifamily Sale
Real Estate In-Depth | January 2016
FISHKILL—The Village at Merritt Park has traded ownership in a sale orchestrated by commercial real estate services firm Cushman & Wakefield. Hampshire Properties acquired the 360-unit luxury rental apartment community from TGM Associates.
Andrew Merin, Karen Iman, David Bernhaut, Gary Gabriel, Brian Whitmer, Kyle Schmidt and Ryan Dowd of Cushman & Wakefield’s Metropolitan Area Capital Markets Group, based in East Rutherford, NJ, brokered the transaction. No financial terms of the transaction were disclosed.
“This offering drew highly competitive bidding from a host of premier multifamily investors,” noted C&W’s Whitmer, who headed the assignment. “Throughout its period of ownership, TGM Associates did an impressive job maintaining the quality of the curb appeal and lifestyle at The Village at Merritt Park. Hampshire Properties recognized this and was also attracted by the future potential supported by the stability and strengthening fundamentals of the lower Dutchess County multi-family market.”
Located on 41 acres at 80 Jefferson Blvd., The Village at Merritt Park includes 16 two-story residential buildings and resort-style amenities. Residents enjoy a gated entry, clubhouse/leasing center, heated swimming pool, tennis and basketball courts, 24-hour fitness center, movie theater, children’s playground and other lifestyle features. The property is located minutes from Interstate 84’s Exit 13, within walking distance to grocers, restaurants and big-box retailers.
Photo Caption: The Village at Merritt Park