CBRE and Newmark arrange sale of 156 Deerfield Place units

Today, representatives from CBRE, led by Jeff Dunne and Eric Apfel, and Newmark, led by Gene Pride and Jamie Thelwell, announced the sale of Deerfield Place, a 156-unit multifamily community in Utica, NY.

CBRE and Newmark jointly represented the seller, United Group of Companies, based in Troy, New York, while providing the buyer, a publicly traded real estate investment trust.

Built in 2016, Deerfield Place features resort-inspired amenities, designer finishes and a walk-in townhouse-style design with attached garages. Property amenities include a resident clubhouse with catering kitchen and resident lounge, fitness center, conference room, outdoor heated pool, outdoor seating area with fire pit, gas barbecue grills and a park for children. dogs. Interior finishes include granite countertops, stainless steel appliances, pendant light fixtures, hardwood floors, shaker style cabinetry and brushed nickel hardware, direct entry from attached garages, walk-in closets, in-unit washer/dryers, private patios or balconies and 10-foot ceilings on townhouses.

CBRE’s Jeff Dunne said, “We are delighted to represent United Group of Companies in the sale of this institutional-grade asset. The offering attracted strong interest due to its location five minutes from CREE microchip maker Wolfspeed and eight minutes from the new Mohawk Valley Hospital. In their search for high-quality assets, investors seek additional returns in smaller, lesser-known markets.

Gene Pride of Newmark added: “United Group of Companies have done an outstanding job of identifying an underserved rental market and delivered a fantastic product that immediately appealed to residents. Utica is making significant progress in developing its economic base by capitalizing on the expansion of the high-tech manufacturing, healthcare, higher education and entertainment sectors. The buyer will be in an excellent position to take advantage of the strong performance of Deerfield Place.

“Our team is proud to have delivered a premier garden apartment community with townhouses for the residents of the City of Utica who now call Deerfield Place home. We are extremely grateful to local authorities and the Utica Industrial Development Agency, whose support has been critical in making this project and sale transaction a reality,” said Michael Uccellini, President and Chief management of United Group. “We are delighted to have found a partner in the buyer who shares our long-term commitment to this region, and we look forward to working with them as managing agent for Deerfield Place. I am grateful for the hard work of our brokerage partners at Newmark and CBRE, as well as staff at United Group, to bring this deal to fruition.

“Deerfield Place has rightfully earned its reputation as the area’s premier destination for families seeking an upscale, hassle-free living experience,” United Group Chief Operating Officer Jeff Arnold said. “Our team is excited to stay on board as the community’s property management organization after this transaction and is committed to ensuring a smooth transition of ownership while maintaining the high level of service our residents expect and deserve. “

The buyer has retained the services of United Plus Property Management, LLC (UPPM) to oversee day-to-day operations at Deerfield Place under its new ownership, ensuring a smooth, uninterrupted transition to the high-level living experience residents have come to expect. from the community. . Recognized by the Institute of Real Estate Management as the 2019 Accredited Management Organization of the Year, UPPM has continued to expand its nationwide presence in all phases of property management, currently overseeing a portfolio of over of 6,100 units.

To learn more about Deerfield Place, visit the community’s website at www.deerfieldplaceutica.com.

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