The two communities, located in Port Ewen and Kingston, traded for $44 million. The purchase was funded with a $33 million loan.
E&M Management has purchased Lakeshore Villas and Sunset Gardens in Port Ewen and Kingston, N.Y., for $44 million. Eastern Union Funding arranged a $33 million, 10-year term loan, with a rate of 3.5 percent and a 30-year schedule, for the acquisition of the properties. Morgan Communities was the seller of the assets.
Lakeshore Villas is located at 557 Broadway in Port Ewen, near Route 9W, approximately three miles from the Sunset Gardens community in Kingston. Lakeshore Villas is a 151-unit property and comprises a mix of one-, two- and three-bedroom apartments, averaging 952 square feet.
Located at 45 Birch St. in the heart of historic Kingston, Sunset Gardens is a garden-style community comprising 217 units, featuring studios, one-, two- and three-bedroom apartments.
The properties feature community amenities such as a clubhouse, pool, playground and fitness facility.
“We were attracted to Lakeshore and Sunset because of their high occupancy rate, excellent property condition, as well as how both properties complement our existing portfolio within the greater Kingston submarket,” said Danny Goldstein, managing partner & principal at E&M Management, in prepared statements.
Images courtesy of Yardi Matrix