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2 Saddle Way #10Saratoga Springs, NY 12866
Park Place at Saratoga
Asset ClassMultifamily
overview of deal

Overview

Newmark has been engaged as exclusive advisor in the sale of Park Place Saratoga, a 100% market rate 57 apartment home community located in the affluent resort town of Saratoga Springs, NY. Built in 2013, the asset is ideally suited for the market with each apartment offering direct access with no common hallways, attached individual heated garages and oversized floorplans. Rents in Saratoga Springs have increased 7.0% annually since Q1 2020 and forecast to grow 3.4% annually through 2029. The area offers an exceptional lifestyle being home to Saratoga Race Course, Saratoga Performing Arts Center, Saratoga National Golf Club. Skidmore College, Saratoga Spa State Park, dozens of restaurants, high-end retailers and access to the Adirondack Park.

 

Broker will provide access to actual operating information and Offering Memorandum week of February 19 or sooner to those that have signed the Confidentiality Agreement.

Access the Data Room

Investment Highlights

Class A Community

  • Apartments feature open floorplans, 2nd floor vaulted ceilings, gas fireplaces, direct apartment access, private attached heated garages
  • Granite countertops, stainless steel appliances, plank flooring, in-unit washer & dryer, 2-inch blinds

Exceptional Property Performance

  • In-Place rents have grown 15.1% since Q2 2022 from $2,074 to $2,388 currently
  • Currently 100% leased with 95.8% occupancy in 2023.
  • 73.7% resident retention in 2023
  • Resident average household incomes of $111,286 or 4.0X In-Place rents

Strong Saratoga Market Fundamentals

  • Current Saratoga market vacancy of 3.6%
  • Saratoga rents have grown 7.8% annually since Q1 2020 and forecast to grow 3.6% annually thru Q4 2029
  • Town of Saratoga Springs average household incomes are $125,266 with average home values of $574,049

Capital Region Tech Sector

  • 25,000+ jobs across 1,000 tech companies in Albany Region
  • Global Foundries (9.5 miles from Property) manufactures semiconductors for Dept. of Defense ($3.1B contract), Lockheed Martin & General Motors
  • Albany NanoTech Complex is 1.6 million SF - largest university based research center in country with 2,500 jobs just 30 minutes from Property

Dynamic Saratoga Springs Lifestyle

  • Home to Saratoga Performing Arts Center, Saratoga Race Course and Skidmore College
  • Dozens of eclectic and fine dining restaurants, national retailers, local boutiques and luxury hotels
  • Abundant outdoor activity provided by Adirondack Park, Saratoga National Golf Club, Saratoga Spa State Park and Saratoga Lake
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2 Saddle Way #10Saratoga Springs, NY 12866

Team

John WardVice Chairman Multifamily Capital Markets(646) 660-0502john.ward@nmrk.com
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Listing provided by Revere CRE