Local property investor Brian H. Murray has made another acquisition of a rental housing complex.
Mr. Murray purchased Hycliff Apartments, a 21-unit complex that includes six separate tax parcels off North Hycliff Drive, for $1.45 million from R. Francis Pangallo. The closing occurred about two weeks ago. The six parcels are assessed at $746,450.
In recent years, Mr. Murray purchased two other rental housing complexes, the Palmer Street and College Heights apartments. Those also are off Coffeen Street on the citys west side.
Its a good location, Mr. Murray said, noting it sits between the two other apartment complexes he owns off Coffeen Street. Its a different location for us.
It also complements other rental housing he owns, since Hycliff has three-bedroom units and the others do not, he said.
In recent years, Mr. Murray has purchased a number of buildings in and around Watertown, including the lower level of the building that houses Stream International on Arsenal Street, the Solar Building on Franklin Street, the Lincoln Building on Public Square, the former Hospice Foundation of Jefferson County Inc. building at 425 Washington St. and the Top of the Square.
Meanwhile, Thompson Park Apartments on the other side of the city has been purchased by a North Syracuse businessman. The 38-unit complex sold for $3.45 million to Apartments at Thompson Park LLC from Thompson Park Apartments LLC, DeWitt. Its current assessment is $1,831,100.
Donald Grimsley, principal agent and broker for the Grimsley Agency, Syracuse, confirmed that he is a principal in Apartments at Thompson Park LLC. The two-acre complex is his first venture in the Watertown market, although he owns similar rental housing complexes in Syracuse.
Noting the good condition of their new properties, both Mr. Murray and Mr. Grimsley said they do not plan to do any renovations to the apartments buildings.
Mr. Grimsley said he was attracted to the Thompson Park apartments because of their proximity to the historic park, nature trails, businesses and the Watertown Golf Club golf course.
Its a very nice quality, he said.
Rental costs were not available.