CBRE Brokers Sell Mountainside Apartments In Garnerville, NY For $42.5M

The closing of Mountainside Apartments, a 227 unit garden-style property located in Garnerville, Rockland County, New York, has been announced by Nat Gambuzza and Spencer Beriont of CBRE. The property consists of 135 one-bedroom units and 92 two-bedroom units, all of which are spacious and rented at below-market rates. The previous ownership took meticulous care of the property. This creates a value-add opportunity for the buyer. The sale price for the property was $42,500,000, resulting in a per unit price of $187,225. With a total area of 150,000 square feet, the price per square foot is $283.

Summary of transaction details:

• Property Type: Multifamily
• Transaction Amount: $42,500,000
• Units: 227
• Price Per Unit (PPU): $187,225
• Square Footage (SF): 150,000
• Price Per Square Foot (PPSF): $283
• Address: 1-60 Forest Drive, Garnerville, NY
• Market: Garnerville, NY

Nat Gambuzza and Spencer Beriont represented the long-term, out-of-state ownership in the transaction and successfully procured the buyer. The buyer intends to implement a value-add strategy for the property. Gambuzza and Beriont are experiencing an increased demand for value-add multifamily properties in both Rockland and Orange County, New York.