Pyramid Brokerage Company and Cushman & Wakefield Arranges Sale of Nob Hill Apartments in Syracuse, N.Y.

Date Posted: August 8, 2018

761-Unit Multifamily Asset Draws Strong National Investor Interest

SYRACUSE, NY: August 7, 2018 – Cushman & Wakefield and Pyramid Brokerage Company have arranged the sale of Nob Hill Apartments, a 761-unit multifamily complex located at 100 Lafayette Road in Syracuse, N.Y. The asset, which traded for $58.5 million, was acquired by Sinatra & Company Real Estate of Buffalo, N.Y. in a joint venture with Santa Monica, Cal.-based hotel management and development company, Windsor Capital Group, and a minority equity investment from Basalt Capital LLC, a real estate investment and advisory firm.

Pyramid Brokerage Company’s Robert W. Scherreik, CCIM, SIOR, MCR and John L. Clark, SIOR, CRE along with Cushman & Wakefield’s East Rutherford-based Capital Markets Group team of Andrew Merin, David Bernhaut, Gary Gabriel, Brian Whitmer, and Ryan Dowd procured the buyer and represented the seller in the transaction.

Nob Hill is one of the largest apartment complexes in Syracuse, ideally located just minutes from major commuting corridors, the Syracuse Central Business District, Syracuse University and the area’s largest employer, SUNY Upstate Medical University. New ownership plans to implement a renovation and updating initiative.

“This premier residential asset is well-situated in a town that has seen compelling growth in the education and medical sectors that have benefited the community,” said Scherreik. “The multifamily market in Syracuse remains on solid footing and is highly desirable to investors. Nob Hill demonstrates the strength of these market fundamentals as evidenced by consistent historically strong occupancy rates,” added Whitmer.

Set on 27.6 acres and offering a mix of one-, two- and three-bedroom apartments, Nob Hill is comprised of four mid-rise apartment buildings, a free-standing clubhouse and an indoor parking garage. Each building features a first-floor community room, storage space for each apartment, and laundry facilities on all the upper floors. On-site amenities include a state-of-the-art fitness center, a playground, a picnic area, fire pits and a large outdoor swimming pool with sundeck.

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