Wednesday, March 22, 2017
POUGHKEEPSIE, NY – Avanath Capital Management, LLC, an institutional fund manager that has invested in over $1 billion in affordable and workforce housing properties throughout the United States, has acquired Grand Pointe Park, a 156-unit workforce housing asset in the Poughkeepsie submarket of the greater New York metro.
“As rents continue to soar throughout major metropolitan areas such as New York City, many renters are being priced out of urban cores and are migrating to the suburbs,” explains John Williams, President and Chief Investment Officer of Avanath. “This regional movement is driving tremendous demand for more affordable communities in commuting distance to expensive metros, making these assets ideal targets as strong long-term investments.”
Grand Pointe Park is located just three miles from Poughkeepsie Station, which provides train service to Grand Central Station in New York City in 90 minutes.
“The average rent at this community is under $1,500, which is less than half of the average rent in New York City for a comparable apartment,” continues Williams. “By acquiring and repositioning this asset, we can provide quality housing that is much more affordable for the workforce in this region, while also achieving strong, risk-adjusted returns for our investors.”
In addition to providing access to employment opportunities in New York City, the property also offers close proximity to jobs in the local Poughkeepsie community.
Poughkeepsie’s growing chip manufacturing, technology, and healthcare sectors are driving employment throughout the region, which translates to enormous demand for quality workforce housing to support middle-class service workers. Major employers in the area include IBM, GlobalFoundries, and Health Quest, among others.
For a complete copy of the company’s news release, please contact:
Katie Kea / Jenn Quader
Brower, Miller & Cole
Posted by Alex at 11:50 AM