Greyhill Group, a rapidly growing commercial real estate investment company headquartered in New York, has acquired Mill Hollow Apartments, an 84-unit multifamily property at 48 Bavarian Way in Altamont, NY. The Class-A apartment complex is located about 20 miles west of Albany, NY.
Acquired for a price of $22.5 million, the purchase expands Greyhill’s portfolio of multifamily and industrial properties across the tri-state area and nationwide. The company currently owns and manages multifamily properties comprising over 600 units and 1.3 million square feet of industrial warehouse space.
The transaction represents Greyhill’s third acquisition in the past two months. Earlier in June, the company purchased The Bleu, a 63-unit multifamily property in New Britain, Connecticut and 380 Horace Street, a 179,000 square foot industrial warehouse in Bridgeport, Connecticut.
Constructed in late 2016, Mill Hollow Apartments offers amenities such as a heated pool, a gym, a movie theater, a lake, gas range grills, and granite countertops. Mill Hollow Apartments is primarily home to young professionals who work in Albany and retirees.
“The strategic acquisition of this class-A asset came as a rare opportunity during a period of significant disconnect on price between buyers and sellers. We acquired the building at a cap rate significantly below market levels,” said Moshe Bloorian, managing partner at Greyhill Group.
“Our investment in Mill Hollow Apartments aligns with our corporate strategy of acquiring well-located properties that carry the potential for creating long-term value. Also, its proximity to other Greyhill assets in the region enables us to leverage our resources efficiently, which adds value for our residents.”
