ACQUISITION OF FOUR AFFORDABLE APARTMENT COMPLEXES IN ALBANY, NY REGION

In January, 2017, Preservation Development Partners acquired Summit Towers, a 183 unit complex located at 720 Albany Street in Schenectady; Thurlow Terrace, a 137 unit building located on 2 Thurlow Avenue in Albany; Cayuga Plaza Apartments, a 127 unit complex located on 100 Cayuga Plaza, Cohoes; and Hudson Shores Plaza, a 137 unit complex located at 1545 Broadway in Watervliet. The new owners will invest an additional $23 million for the rehabilitation of the four affordable senior living apartment complexes. Taken together, there are 583 one bedroom units and one studio apartment. All four complexes currently receive federal Section 8 subsidy through HAP contracts, which will be renewed for the next 20 years.