Ginsburg buys 207-unit Mohegan Lake rental complex for $54M

The Landing on Mohegan Lake, a 207-unit rental complex, has a new owner. Ginsburg Development paid $54 million to New Chalet Apartments, a Dallas private equity group, for the property. Construction on the complex was completed in 1999, but New Chalet recently upgraded the apartments with new kitchens and utilities. Ginsburg plans to expand the communal features at The Landing with a playground and a lakeside clubhouse. Ginsburg also plans to run shuttles to the Metro-North station and its apartment complex in Peekskill, which is currently under construction. [Fairfield Business Journal]