The Lofts @ Six Mile Creek and Cayuga Place Apartments, two apartment buildings in downtown Ithaca, have sold to Maryland-based real estate investors Hopkins Holdings, LLC.
In a pair of deals registered with the Tompkins County courts on Thursday, the two apartment complexes sold for $9.5 million (Lofts @ Six Mile Creek) and $14.8 million (Cayuga Place Apartments). The Lofts @ Six Mile Creek are located at 217 South Cayuga Street, across from the Hotel Ithaca, while Cayuga Place Apartments are located at 131-135 East Green Street, across the street from the Green Street Garage. Both properties were previously owned by Bloomfield/Schon, which is based in Cincinnati.
The total land assessments on the properties had been $6.74 million and $10.5 million, respectively, in 2019, according to the Tompkins County Assessment office.
Ithaca Urban Renewal Agency Executive Director Nels Bohn confirmed the sales. According to a letter sent to the IURA by the property purchasers, they do intend to continue operating at least the Lofts @ Six Mile Creek as market-rate apartments.
"The purchaser intends to maintain and continue the same use as the current owner, a residential rental space," the letter states, continuing that the closing of the deal would take place on Dec. 23.
While there's no letter referencing the Cayuga Place Apartments, Bohn said that as he understands it, there's also no indication that its usage will be changed. Currently that building houses apartments on its upper floors, as well as the Green Street Pharmacy and Urban Outfitters on its ground-floor.
The deals do not include the Cinemapolis property or the ground floor of the Cayuga Street Parking Garage, which includes Coltivare and other businesses, according to Bohn.
Requests for comment from the buyers have not yet been returned.