DeWITT — Springfield Gardens Apartments, a 310-unit complex located near Le Moyne College, was recently sold for more than $10 million.
A group of investors headed by E. Carlyle Smith, president and owner of Longley Jones Management Co., bought the 27.5-acre complex at 76 Caton Drive, nestled on a hillside overlooking Erie Boulevard, according to a news release from Longley Jones, which manages the property.
Springfield Gardens is fully occupied and provides housing to more than 300 families, many of whom are provided subsidized rent through government programs, Longley Jones said.
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The commercial real estate market has been rough for some time, and the residential market has seen wild fluctuations. Inflation, high interest rates and decreased demand for office space have
Smith says that Springfield Gardens will continue under its present management by Longley Jones and will keep the existing government-assisted housing programs currently in place, according to the release.
The news release didn’t name the person or company that sold Springfield Gardens to Smith’s group, but Onondaga County property records listed Springcrest Apartment Co. of 1010 James St., Syracuse as the owner. The property was assessed at more than $6.6 million for 2012.
Springfield Gardens recently received upgrades to make the apartments more energy efficient through a NYSERDA weatherization program through PEACE, Inc.
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