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Old 03-22-2021, 08:19 AM
 
92,097 posts, read 122,294,404 times
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"A publicly traded real estate investment trust with more than $32 billion in assets bought Carlton Hollow Apartments, a 126-unit senior citizen complex in Saratoga County.

Welltower Inc. (NYSE: WELL) of Toledo, Ohio, paid $23 million for the apartment complex at the corner of Northline Road and Greenfield Avenue in the town of Milton, according to a deed filed Jan. 6 in the county clerk's office.

Carlton Hollow was sold by Amedore Group of Albany and Sunrise Management & Consulting in Latham.

They teamed up to build the market-rate apartments for people aged 55 and over. The total cost was about $20 million, according to Jesse Holland, president of Sunrise Management.

Construction was completed around January 2020.

The one- and two-bedroom apartments, ranging from 990 square feet to 1,240 square feet, lease for $1,450 to $1,795, according to Apartments.com."

More: https://www.bizjournals.com/albany/n...d-for-23m.html
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Old 03-22-2021, 08:51 AM
 
Location: Tioga County
954 posts, read 2,486,403 times
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..No surprise with that price.....I had mentioned in some previous posting the offers my brother has been given on cold calls by realtors(on behalf of downstate buyers). I guess these people must live in a different world than the one I am in. Even with the uptick in housing interest in my area, his house..placed on a lot around here...would bring..at best..about a third of what is being offered to him.
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Old 03-29-2021, 12:09 PM
 
640 posts, read 2,002,996 times
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The Saratoga bloated price is not a function of the organic local economy...it IS downstate. Where I live in Saratoga Springs the spike is mostly the south of Poughkeepsie crowd. However, apartment complexes have a rate-of-return; coupled with the face the area is popular with retirees. Its a high price..but someone crunched the numbers (as well as an expected increase in value).
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