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Syracuse complex trades for $58.5 million.

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.

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.

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Title Annotation:CUSHMAN & WAKEFIELD
Comment:Syracuse complex trades for $58.5 million.(CUSHMAN & WAKEFIELD)
Publication:Real Estate Weekly
Date:Aug 15, 2018
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