Lexington Property Group Acquires Multifamily In Poughkeepsie For $31M

The multifamily property located at 161 Clubhouse Drive in Poughkeepsie has been sold for a total of $31,000,000. The property, consisting of 156 units, was acquired by Lexington Property Group from the seller Avanath Capital Management. With a price per unit of $198,718, this transaction highlights the strong demand for multifamily assets in the Poughkeepsie market.

Summary of transaction details

• Property Type: Multifamily
• Transaction Amount: $31,000,000
• Address: 161 Clubhouse Drive, Poughkeepsie
• Buyer: Lexington Property Group
• Seller: Avanath Capital Management
• Brokers: Jeff Dunne, Richard Gatto, Fahri Ozturk, Eric Apfel, Stuart MacKenzie, and Zach McHale - CBRE
• Units: 156
• Price per Unit: $198,718

CBRE brokers, including Jeff Dunne, Richard Gatto, Fahri Ozturk, Eric Apfel, Stuart MacKenzie, and Zach McHale, represented both the buyer and the seller in this transaction. Their expertise and negotiation skills contributed to the successful completion of this deal. The sale of the multifamily property on Clubhouse Drive further demonstrates the competitive real estate market in Poughkeepsie.