Nob Hill Apartments complex sells for $58.5M

SYRACUSE — The Nob Hill Apartments, one of the largest apartment complexes in the region, was recently sold for $58.5 million.

Sinatra & Company Real Estate of Buffalo bought the 761-unit multifamily complex, located at 100 Lafayette Road in Syracuse, in a joint venture with Santa Monica, California–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. The seller was Nob Hill of Syracuse Apartments LLC.

Pyramid Brokerage Company’s Robert W. Scherreik and John L. Clark, 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, the real-estate firm said in a release.

The new owners plan 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,” Scherreik said in the release. “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 includes 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 fitness center, a playground, a picnic area, fire pits, and a large outdoor swimming pool with sundeck, the release noted.