Jankow Family Acquires Albany Multifamily Property For $8.65M

Three properties located at 11 South Lake Avenue, 152 Western Avenue, and 249-251 State Street in Albany have been sold in a multifamily transaction. The sale price for this portfolio was $8,650,000, with a total square footage of 136,430. The price per square foot was $65, and the capitalization rate (CAP) was 7.2%. The portfolio comprised 117 units, with an average per unit price of $74,000.

Summary of transaction details

• Property Type: Multifamily
• Transaction Amount: $8,650,000
• Market: Albany
• Property Address: 11 South Lake Avenue, 152 Western Avenue, 249-251 State Street
• Square Footage: 136,430
• Price per Square Foot: $65
• Capitalization Rate (CAP): 7.2%
• Number of Units: 117
• Price per Unit: $74,000

The seller of these properties was the Parkash Family, while the buyer was the Jankow Family. The deal was facilitated by brokers from Meridian Capital Group, specifically Amit Doshi and Shallini Mehra from Team Doshi.