Eastham Capital, a private equity real estate firm dedicated to providing superior, risk-adjusted returns to investors through the transformation of undervalued multifamily real estate, has partnered with Merion Realty Partners, a Pennsylvania-based multifamily owner-operator in the acquisition of Foxrun and North Pointe apartment communities in Clifton Park, a submarket of the state’s capital of Albany, New York.
South Florida-based Eastham Capital has obtained a majority ownership interest in the deal through its current fund, Eastham Capital Fund VI, LP. Merion Realty, which has co-invested and partnered with Eastham Capital on multiple projects, will oversee the day-to-day management. The total acquisition price for both communities was not disclosed.
“We are thrilled to expand our footprint in upstate New York with the acquisitions of Foxrun and North Pointe in Clifton Park, one of the most sought-after suburbs in Albany,” said Matthew Rosenthal, founder and managing director of Eastham Capital. “One of the most attractive aspects of this submarket is the limited multifamily supply pipeline. There have not been any new apartment communities delivered in Clifton Park in over a decade – and only one 70-unit property under construction within a five-mile radius of both properties.”
The acquisition plan includes renovations designed to elevate the properties, such as upgrades to the roofs, parking lots, mechanical systems, landscaping, siding, amenity upgrades, building interiors, and general site improvements.
Located at 100 Foxwood Drive, Foxrun has a total of 468 units offering a mix of six studios, 235 one-bedroom and 227 two-bedroom apartments, ranging from 320 square feet to 1000 square feet. Foxrun is in a more rural setting with a picturesque lake at the entrance and forests surrounding the property.
North Pointe, situated at 1688 Route 9, 7 N Pointe, has a total of 198 units offering 90 one-bedroom and 108 two-bedroom apartments, ranging from 650 square feet to 850 square feet. North Pointe is walkable to shops and quietly nestled behind many prominent retailers, including Trader Joe’s, Target, Home Depot, ALDI, Lowe’s, Kohl’s, Michaels and Petco.
Both properties have ample amenity packages, each with a clubhouse, resident lounge, pool with sundeck, tennis court, basketball court, fitness center, grilling areas and outdoor fire pit.
Both properties are located within a close distance to Interstate 87, offering easy access to Downtown Albany and the greater Capital Region. Prominent employers in this region include Albany Medical Health System, St. Peter’s Health Partners, Regeneron Pharmaceuticals, General Electric, Global Foundries and Rensselaer Polytechnic Institute, to name a few.
