Schenectady, NY – Hudson Partners CPC, Enterprise and other project partners announced the completion of The Reserve at Towpath Trail, located on Northend Drive in Schenectady, and funded by Enterprise Community Partners and the Community Preservation Corporation (CPC) and built by Hudson Partners.
Chris Maddalone, Principal in Hudson Partners said, “The response to The Reserve at Tow Path Trail has been outstanding and we are at 98% occupancy way ahead of our projections.”
Situated directly on the Empire State Trail, the new apartments are a short walk or bike ride away to Mohawk Harbor, Rivers Casino & Resort and Downtown Schenectady. There are 88 units in total at the development which was built to meet the need for new housing options for residents. Christopher Maddalone and Seth Meltzer are the principals in Hudson Partners.
One of the features of The Reserve at Towpath Trail is a community center, which provides a welcoming space for residents to connect and engage with their neighbors. Additionally, a fully equipped fitness center is available to help residents maintain an active and healthy lifestyle.
“Enterprise Community Partners is pleased to help finance this apartment community in Schenectady that offers great amenities yet is affordable,” said Chris Herrmann, Enterprise Community Partner’s chief investment officer and fund manager of its real estate equity business.
“At a time when cities across New York are working to address issues of affordability and supply, CPC is proud to join with Hudson Partners Development to bring a new resource of quality workforce housing to the Schenectady community,” said Patrick Miller, Neighborhood Mortgage Officer, The Community Preservation Corporation. “My thanks to Hudson Partners Development, Enterprise, and the County Metroplex Development Authority for their work and commitment to addressing Schenectady’s unique housing needs.”
The property received its Certificate of Occupancy in December, marking the successful completion of construction. Since then, The Reserve at Towpath Trail has experienced overwhelming demand, currently boasting an impressive 98% occupancy rate. This speaks to the outstanding quality of the apartments and the desirability of their location.
Ray Gillen, Chair of the Schenectady County Metroplex Development Authority said, “We appreciate the investment in this site which was vacant and in poor condition before Hudson Partners came on board. We also thank Enterprise Community Partners and CPC for their solid support. This continues the progress we are making on the City’s northside.”
Maddalone & Associates of Schenectady has been entrusted with the professional management of The Reserve at Towpath Trail, ensuring that residents receive top-notch service and support. Their commitment to excellence further enhances the overall living experience at the property.
The Reserve at Towpath Trail offers a range of thoughtfully designed apartments, with average rents starting at $1,350 per month. Each unit is crafted with attention to detail, providing spacious layouts, modern finishes, and an abundance of natural light. Residents can enjoy the tranquility of their private retreat while still being connected to the vibrant community that surrounds them.
For more information or to schedule a tour of The Reserve at Towpath Trail, please contact Maddalone & Associates at 518.346.8600 or www.maddalone.net Don’t miss your opportunity to become a part of this thriving community and experience the finest in market rate apartment living.
# # #
The Community Preservation Corporation (CPC)
CPC is a nonprofit multifamily finance company founded in 1974 to provide financial and technical resources to stabilize underserved communities. Today, CPC uses its unique expertise in housing finance and public policy to expand access to housing, advance diversity and equity within the development industry, and expand investment in the green economy. Since its founding, CPC has invested over $14 billion to finance the creation and preservation of more than 225,000 units of housing. The company provides a suite of construction and permanent products and is an equity investor with 4,200 affordable units under ownership. CPC is a carbon-neutral company and has been rated AA- by S&P. Visit CPC at communityp.com , and on Facebook, Twitter and LinkedIn.