Solomon Acquires 12 Apartment Properties in Albany Area

ALBANY, NY-The Solomon Organization of Mountainside, NJ has acquired a residential portfolio in the Capital District area that includes 12 properties and more than 2,700 units. The seller was DCG Development Co. of Clifton Park, NY. No purchase price for the transaction was released.

The sales deal involves combinations of updated studios and one and two-bedroom apartments in the following developments: Congress Place in Saratoga Springs; Crestwood in Albany; London Square, Blue Spruce, Park 200, Foxwood, Squire Park, South View, and Twin Lakes in Clifton Park; Vandenburgh Place and Stanton Hill in Troy and Malta Gardens in Malta.

In addition to the residential units, the Malta Gardens property also features 412 mobile home pads and more than 7,000 sf of strip plaza commercial space, Solomon officials say. “The dynamic growth and diversity of the Capital Region and the strength of this portfolio represent a winning combination,” say Marc Solomon, founder and president of Solomon Organization. The acquisition marks Solomon’s entrance in the Capital District region. The firm is the owner and operator of approximately 10,000 residential units. The firm has holdings in New York, New Jersey and Pennsylvania.

Solomon officials note that to ensure a smooth transition, it will retain the existing management and service workers at the 12 apartment communities. In addition, a management team from the Solomon Organization’s New Jersey headquarters will offer support during the transition and on an ongoing basis, company officials noted.