Investment Overview

Marcus & Millichap, as Exclusive Agent, is pleased to present Emerald Pond Estates, a garden-style apartment complex comprised of seven buildings with a total of 103 apartments. The complex was built in 1973 and is approximately 97,000 square feet situated on 5.66 acres. Emerald Pond Estates provides an extremely compelling value add investment opportunity with favorable in-place financing combined with significant organic rent growth embedded in the current leases; 20% loss to old lease based on actual realized new leases. Twenty units were redeveloped in 2018, but the remaining units would all benefit from light cosmetic improvements affording even further upside in revenue. Current ownership has also embarked on a major capital improvement project replacing all the vinyl siding, windows, doors and shades, leaving an investor the freedom to focus on revenue enhancing unit and site improvements and marketing. Ellenville is a hub for southwestern Ulster County with a stable employment base with three correctional facilities, Ellenville Regional Hospital and numerous national and necessity retailers located nearby. Additionally, Cresco Labs recently announced it would be commencing construction of a new marijuana processing facility creating almost 400 well-paying jobs immediately proximate to Emerald Pond Estates.