761-Unit Multifamily Asset Draws Strong National Investor Interest
SYRACUSE, N.Y., August 3, 2018 – Cushman & Wakefield and Pyramid Brokerage Company have arranged the sale of Nob Hill Apartments, a 761-unit multifamily complex located at 100 Lafayette Road in Syracuse, N.Y. The asset, which traded for $58.5 million, was acquired by a New York State based investor in joint venture with two equity partners.
Pyramid Brokerage Company’s Robert W. Scherreik, CCIM, SIOR, MCR and John L. Clark, SIOR, CRE along with Cushman & Wakefield’s East Rutherford-based Capital Markets team of Andrew Merin, David Bernhaut, Gary Gabriel, Brian Whitmer, and Ryan Dowd, procured the buyer and represented the seller in the transaction.
Nob Hill is one of the largest apartment complexes in Syracuse, ideally located just minutes from major commuting corridors, the Syracuse Central Business District, Syracuse University and the area’s largest employer, SUNY Upstate Medical University. New ownership plans to implement a renovation and updating initiative.
“This premier residential asset is well-situated in a town that has seen compelling growth in the education and medical sectors that have benefited the community,” said Scherreik. “The multifamily market in Syracuse remains on solid footing and is highly desirable to investors. Nob Hill demonstrates the strength of these market fundamentals as evidenced by consistent historically strong occupancy rates,” added Whitmer.
Set on 27.6 acres and offering a mix of one-, two- and three-bedroom apartments, Nob Hill is comprised of four mid-rise apartment buildings, a free-standing clubhouse and an indoor parking garage. Each building features a first-floor community room, storage space for each apartment, and laundry facilities on all the upper floors. On-site amenities include a state-of-the-art fitness center, a playground, a picnic area, fire pits and a large outdoor swimming pool with sundeck.
About Cushman & Wakefield
Cushman & Wakefield is a leading global real estate services firm that delivers exceptional value by putting ideas into action for real estate occupiers and owners. Cushman & Wakefield is among the largest real estate services firms with 48,000 employees in approximately 400 offices and 70 countries. In 2017, the firm had revenue of $6.9 billion across core services of property, facilities and project management, leasing, capital markets, advisory and other services. To learn more, visit www.cushmanwakefield.com or follow @CushWake on Twitter.
About Pyramid Brokerage Company
Pyramid Brokerage Company is Upstate New York’s largest and only regional commercial real estate services firm with over 100 agents in 10 offices across the state and has been a leading provider of commercial real estate services since 1971. The company’s service lines includes industrial, retail and office sales and leasing, market research and analysis, corporate advisory services, an investment specialty group, financial services, impaired asset services, hospitality services, property management and receivership services.
Pyramid Brokerage Company is a member of the C&W Alliance – a fully integrated extension of the C&W global platform. The Alliance consists of specially selected independent firms, who provide clients with extended geographic reach through elite commercial real estate professionals and high quality, comprehensive services. Operating as a unified team, C&W and the Alliance firms integrate the strength of local talent, relationships, and market intelligence with the full capacity of C&W resources and platform. For more information, visit www.pyramidbrokerage.com