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Meridian’s Team Doshi Closes Upstate NY Portfolio Sale
Meridian Investment Sales, the commercial property sales division of Meridian Capital Group, recently sold a three-building, 117-unit apartment portfolio in Albany, NY for $8.65 million, or $74,000 per unit. The team of Amit Doshi and Shallini Mehra represented the owner and procured the buyer, locally-based Jankow Companies.
“Although the sales cycle was lengthy, the purchaser closed title during their due diligence period, 21 days from the contract sign date,” said Mehra.
Doshi added, “With rents 20% below market, the purchaser plans to renovate the buildings and bring up the appeal to millennials and students in the area.”
The three properties are surrounded by University at Albany’s Downtown Campus and several other nearby colleges. They’re also just a few blocks north of the Albany Stratton VA Medical Center, and in close proximity to Washington Park and other historical Albany landmarks.
Pictured, above: Amit Doshi. Below right: Shallini Mehra.
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- ◦Sale/Acquisition
