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Multi-Unit Residential Complexes Are Fetching Top Dollar In Pent-Up Market
By Tina Traster
A local developer has bought Mountainside Apartments in Garnerville, a 225-unit garden apartment community, for $42.5 million.
Developer Gabe (Gavriel) Alexander, through Mountainside Pomona LLC, has added the residential property to his portfolio. Mountainside Apartments at 1-60 Forest Drive, was built in 1971. The complex’s units rent for between $1,600 and $2,000 monthly, according to apartments.com
Alexander financed the property with a $36.5 million mortgage.
The sale indicates an ongoing appetite in Rockland County and beyond for the acquisition of multi-family complexes.
In December, the “Alister Nanuet,” a 504-unit complex at 100 Avalon Gardens Drive in Clarkstown, was sold to a consortium of New York-based LLCs for $226 million according to the recorded deed at the Rockland County Clerk. The property sold by the Texas-based Mill Creek Residential Trust LLC, was purchased in Nov. 2019 for $180 million. The Texas REIT had renamed the complex from “The Peaks of Nanuet.” This is the third time in five years the property has been turned over, appreciating in value of about 50 percent over the five-year period.
Last June, Harbor Group International paid $54 million for a 169-unit apartment complex in Rockland County, amid the continued strong suburban housing market. Known as the Henry apartments, the complex was built in 2001, and is just east of Harriman State Park and just west of the Hudson River. Amenities at the Pomona complex include a pool and sundeck, clubhouse, billiards room, fitness center and basketball courts. Rents start at $2,725, according to apartments.com.
In 2020, OT South Nyack LLC, a Monsey-based entity, has bought the 72-unit rental complex at 292-302 Piermont Avenue for $19 million known as Eagle Rock Apartments. OT South Nyack LLC at 14 Aster Place is owned by Shimon Rieder and Nicole Friedman, according to the deed. Buyers consolidated the existing mortgage with a new $8.8 million loan.
In 2020, Eagle Rock Apartments, situated on 3.3 acres, was sold by Eagle Rock Properties, a full-service real estate firm offering investment management, property management and construction management services for rental apartments in the Northeast and Mid-Atlantic regions. The company has more than 30 residential properties in New Jersey, Connecticut, Long Island and Maryland, as well as one property in Yonkers and in Ossining. Eagle Rock Apartments was the company’s only Rockland County asset.
Alexander was under contract to buy a 9-acre parcel in New City that housed Camp Merockdim, an Orthodox Jewish day camp. He filed a memorandum of executory contract with the Clerk of Rockland to purchase the land from RW 175 Realty LLC in Pomona but the developer has not yet closed on the property and the recorded executory contract has since lapsed.
To date, Alexander has not filed any plans with the Town of Clarkstown’s Zoning Board of Appeals or Planning Board.
Alexander was the developer for Pavion, a market-rate rental housing complex in Nyack. Alexander Property Holdings also bought the Spring Valley Marketplace for $59.3 million. The shopping center has allocated nearly 100,000 square feet to house a Bingo Wholesale, a kosher superstore that is a joint venture between the Brooklyn-based Marav USA and Osher Ad, a grocery chain with 20 stores in Israel. Bed, Bath & Beyond recently closed its store at the Marketplace.