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| Grand Pointe Park, 161 Clubhouse Drive, Poughkeepsie, NY |
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.
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| John R. Williams |
“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
(949) 955-7940