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Clifton Park, NY – Eastham Capital, a private equity real estate firm dedicated to providing superior, risk-adjusted returns to investors through the transformation of undervalued multifamily real estate, has partnered with Merion Realty Partners, a Pennsylvania-based multifamily owner-operator in the acquisition of Foxrun and North Pointe apartment communities in Clifton Park, a submarket of the state’s capital, Albany, NY.

South Florida-based Eastham Capital has obtained a majority ownership interest in the deal through its current fund, Eastham Capital Fund VI, LP.  Merion Realty, which has co-invested and partnered with Eastham Capital on multiple projects, will oversee the day-to-day management. The total acquisition price for both communities was not disclosed.

“We are thrilled to expand our footprint in upstate New York with the acquisitions of Foxrun and North Pointe in Clifton Park, one of the most sought-after suburbs in Albany,” said Matthew Rosenthal, founder and managing director of Eastham Capital. “One of the most attractive aspects of this submarket is the limited multifamily supply pipeline.  There have not been any new apartment communities delivered in Clifton Park in over a decade – and only one 70-unit property under construction within a five-mile radius of both properties.”