November 15, 2019 – An 830-unit Syracuse multifamily portfolio has come online for sale, announced Cushman & Wakefield. The commercial real estate services firm, with local affiliate Pyramid Brokerage, is marketing the four-property offering.
Boasting an average occupancy of 97%, the portfolio includes a mix of high-rise, mid-rise and garden-style workforce housing communities: The James (600 James St.), Skyline (753 James St.), Chestnut Crossing (923, 941 and 947 James St.) and Vincent (105 Smith Lane).
According to Cushman & Wakefield capital markets specialist Brian Whitmer, who is leading the marketing team with Stephen Scuderi of Pyramid Brokerage, the communities offer a predictable stable income stream with the option of considerable upside through renovation initiatives.
“This sizable portfolio offering presents the opportunity to acquire a significant market presence in the Syracuse Metro Area,” Whitmer noted. “Current occupancy exhibits the strong fundamentals and desirability of the regional apartment market, which is characterized by a rising demand generated from the expanding medical and educational institutions.” Syracuse University and the SUNY Upstate Medical University, the area’s largest employer, are both located in the Syracuse CBD. The submarket’s apartment vacancy currently sits at 2.7% for Class B and C communities according to REIS, Inc.
The three properties on James Street – all located within a two-block area – are part of a neighborhood comprised of housing as well as commercial and medical offices. “This lends to an established, dynamic location that is walkable for residents,” Scuderi noted. “The Vincent, just 3.5 miles from the other assets, is minutes from Syracuse University’s campus and, in the past, has catered to students – another potential strategy for its new owner.”