Merion Realty Partners acquired Fox Run and North Pointe Apartments as part of a two-property portfolio totaling 666 apartment units. The assets are located within Clifton Park, NY which boasts strong demographics and top-rated schools and is located nearly equidistance from Saratoga Springs, Albany and Schenectady. Both apartment communities will undergo a transformative value-add improvement programs to address deferred maintenance that prior ownership chose not to address over their long-term ownership. The properties struggled in recent years, both physically and reputationally, resulting in increased delinquency and declining revenue growth opportunities.
Merion’s value add program will address these issues and a planned name change and enhanced marketing and outreach program will introduce the market to The Northway and Crossings at Half Moon.
As part of the transaction, the Merion partnership assumed the seller’s existing Fannie Mae loans with nine years of remaining term and a fixed interest rate of 4.18%.
