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Solomon swoops in as REITs re-examine composition.

The Solomon Organization, the owner/operator of affordable multi-family communities, has entered the Hudson Valley region by purchasing two apartment complexes totaling 1196 units from AIMCO.

Hudson Harbour Apartments in Poughkeepsie and Chelsea Ridge Apartments in Wappingers Falls comprise more than 1 million square feet over 125 acres and are the first communities the Solomon Organization's has acquired from a REIT.

Solomon owns, operates, and manages more than 11,000 apartment units in 41 communities in New York, Pennsylvania, New Jersey and Connecticut. It has been developing its upstate New York portfolio for the past five years, with recent purchases of more than 3,000 units in the Capital District and approximately 1,000 units in Ithaca.

"This transaction is one of many signs that suggest that changes in the debt and equity markets--and Wall Street's view of where REITs should own multifamily properties--has caused REITS to examine their size and composition," said Marc Solomon, founder of the Solomon Organization.

"This is exactly the apartment type and location quality we are looking to acquire. Additionally, in the last 10 years REITs have dominated the market, but perhaps now they will be a source of inventory for private investors like ourselves, who have a proven 30-year history of investing large sums of private equity for good opportunities." Alan R. Hammer, Esq. of Brach Eichler L.L.C., along with Allen J. Popowitz, Esq. and Alois V. Habjan, Esq. comprised the legal team that represented The Solomon Organization in this transaction. The seller was represented by Witten and Nolletti of Marcus & Millichap.

Chelsea Ridge Apartments, a 2,000+ resident community in Wappingers Falls, houses 838 one, two, and three bedroom homes and features a wide array of amenities.

Hudson Harbour Apartments, set upon acres of wooded grounds in the tranquil Hudson Valley city of Poughkeepsie, is home to 352 one, two and three bedroom homes. Both Hudson Harbour Apartments and Chelsea Ridge Apartments are situated a half hour north of Westchester County's White Plains office market.
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Comment:Solomon swoops in as REITs re-examine composition.
Publication:Real Estate Weekly
Date:Dec 2, 2009
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