FPA Multifamily Acquires 72 Unit Senior Apartment Complex In Wheatley Heights For $15.8M

This multifamily property located at 50 Colonial Springs Road in Wheatley Heights features 72 units with a total square footage of 44,600. The transaction was completed for a total amount of $15,800,000, resulting in a price per unit of $219,444 and a price per square foot of $354.

Summary of transaction details:

• Property Type: Multifamily
• Transaction Amount: $15,800,000
• Buyer: FPA Multifamily
• Seller: Wheatley Hollow Garden Apartments
• Broker: Clem Coté - Sovereign Realty Group
• Units: 72
• Square Footage: 44,600
• Price per Unit: $219,444
• Price per Square Foot: $354

Clem Coté from Sovereign Realty Group represented the transaction, facilitating the closing for this senior apartment complex. The broker navigated various issues that ownership faced, such as vendor complications and significant deferred maintenance across the units. The successful collaborations between the broker, ownership, and their counsel enabled favorable cash offers leading to the closing of the deal, satisfying both the seller and buyer.