WATKINS GLEN AND MONTOUR FALLS, N.Y. — Capriotti Properties has acquired a three-property portfolio, including 32 apartments and five commercial spaces, in Watkins Glen and Montour Falls, two villages located three miles apart near the southern tip of Seneca Lake in Upstate New York. Nelson Development was the seller, and CBRE arranged the sale with a team led by Richard Gatto, Fahri Ozturk, Zach McHale and Matthew Loscalzo.
The residential portfolio includes Montour House, The Flats on Broadway and Water Works Center, all situated within a six-minute drive of one another. Montour House is a fully restored property in Montour Falls. It was built in 1854 as a hotel. Built in 1921, The Flats on Broadway is also located in Montour Falls and includes 14 units and leased commercial space. Water Works Center, situated on Seneca Lake, is a seven-unit property with views of and direct access to the lake. It was built in 1905.