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Rochester apartment complex sells for just under $15.6 million

Rochester Commons at Cambridge Court, on Dodge Street, recently sold for $15,576,000
Rochester Commons at Cambridge Court, on Dodge Street, recently sold for $15,576,000. (Photo by Kevin Oklobzija)

A 132-unit apartment complex in Rochester’s Lincoln Park neighborhood has been sold by one out-of-town real estate investor to another for $15,576,000, or $118,000 per unit.

Rochester Commons at Cambridge Court on Dodge Street, just off Lyell Avenue near Mt. Read Boulevard, is now owned by Rochester CMNS LLC. Basya Weiss of the Rockland County hamlet of Monsey is listed as the sole member and manager, according to paperwork filed on Friday with the Monroe County Clerk’s office.

CBRE’s Tri-States Capital team, along with Angelo Nole of CBRE’s Rochester office, represented the seller, Stein Capital Group of Livingston, N.J.

Stein Capital Group bought the garden-style apartment community in February 2019 for $7 million. The 44 one-bedroom and 88 two-bedroom units were built in 1970. The broker said there had been a major capital investment to renovate apartments and common areas since Stein Capital became the owner.

“Stein Capital Group did a tremendous job transforming this asset over the last three years,” Nole, managing director of CBRE’s Rochester office, said in a news release. “We are excited to see how the buyer will continue to improve the property going forward for the benefit of the residents and the community.”

Richard Gatto, CBRE senior vice president, said there was “significant interest” from out-of-market investors, who recognize the strength of the Rochester rental market.

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