Newburgh, NY – Cushman & Wakefield announced today that the real estate services firm has arranged the sale of Farrell Communities at Lakeside, a 102-unit, age-restricted multifamily community completed in 2020 and located at 7 Lakeside Road in Newburgh.
Cushman & Wakefield’s Adam Spies, Brian Whitmer, Niko Nicolaou, Ryan Dowd and Peter Welch represented the owner, Farrell Communities, and procured the buyer, Castle Lanterra Properties.
“This newly constructed community offers residents a premier amenity package unmatched in the Hudson Valley, including a pickleball court, nature trails and a clubhouse, in a market with limited options for high quality apartment living,” said Whitmer. “The sale of this asset during lease-up further solidifies the confidence investors have in the Hudson Valley market as they seek to capitalize on the tremendous growth in the region and take advantage of the limited investment opportunities.”
Farrell Communities at Lakeside is an age restricted luxury apartment community consisting of three residential buildings and a clubhouse. The property contains 102 units made up of 30 one-bedroom units and 72 two-bedroom units. Units feature quartz countertops, stainless steel appliances, air purifiers, in-unit laundry and private balconies. Amenities include an outdoor pool, clubhouse, resident lounge, fitness center and a pickleball court.
A photo of the property can be downloaded here.