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| Brookwood on the Green
7405 Morgan Road, Liverpool, NY
|
LIVERPOOL, NY, July 10, 2013 – Marcus & Millichap Real
Estate Investment Services, the nation’s largest real estate investment
services firm, arranged the sale of Brookwood on the Green, a 340-unit
apartment community in the Syracuse, N.Y. suburb of Liverpool. The sales price
of $14,800,000 equates to $43,500 per unit.
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| Nat Gambuzza |
Nat
Gambuzza, vice president investments, and Chip Collins, associate,
both in Marcus & Millichap’s New Jersey office, represented the seller,
Brookwood Syracuse LLC of Coram, N.Y. The buyer is Pittsford, N.Y.-based Morgan
Acquisitions LLC.
Collins,
a New York State multifamily property investment specialist, joined forces with
Gambuzza to leverage interest from the out-of-state investor community.
“We were able to effectively focus the competition from both
local and out-of-state investors to generate the best price and terms for the
seller,” says Collins. “We generated several bona fide offers in less than 30
days.”
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| Chip Collins |
“Our ultimate purchaser acted very aggressively on terms and
price, which sealed the deal for them,” adds Gambuzza. “The new owner sees value enhancement
opportunities in the asset through unit renovations and managerial
efficiencies.”
“The buyer is a large regional owner/operator that is
expanding its presence in this northern Syracuse suburb,” concludes Collins.
“The operator is well positioned to leverage the resources of their existing
management teams to operate Brookwood on the Green.”
The
property is located at 7405 Morgan Rd. in Liverpool, N.Y. close to
interstates 81, 90 and 690, and near Syracuse and the region’s largest
employers, such as SUNY Upstate Medical University, Syracuse University,
Lockheed Martin Corp., Wegmans Food Markets, Magna Powertrain, Crouse Hospital
and St. Joseph’s Hospital Health Center.
With five
buildings situated on 20 sprawling acres, Brookwood on the Green provides a
comfortable neighborhood setting with convenient access to shopping malls,
restaurants and entertainment.
For a complete copy of the company’s news release, please
contact:
Gina Relva
Public Relations Manager
(925) 953-1716
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