Leasing Opens For The Point at Sutton Hill; Open House This Sunday From 11 AM to 4 PM

MIDDLETOWN, N.Y. – The Point at Sutton Hill announces its Grand Opening to the public with 112 upscale rental homes at this well-established apartment community in the Orange County, N.Y. town of Middletown.

The much-anticipated opening comes with several homes in the community’s initial offering of 24 residences already reserved, according to the Value Companies, Inc., owner/developer/manager of Sutton Hill. An Open House for the rental complex will take place this Sunday (December 13th) from 11 a.m. to 4 p.m. For additional information, please call (845) 343-2272.

The Point at Sutton Hill features state-of-the-art one-, two-and three-bedroom garden-style homes in ten residential buildings. Homes range from 773 to 1,234 square-feet and monthly rents are expected to range from $1,200 to $1,795.

“We are delighted to unveil The Point at Sutton Hill which completes the 30-year vision our company originally had for the Sutton Hill neighborhood,” says Jon Moore, Vice President of Development for the Value Companies.

“By offering upscale apartments complete with the latest features and appointments , we are confident this new neighborhood will be an extremely popular alternative for renters – especially in light of the fact that the rental market in upstate New York continues to be extremely strong, with few contenders to fill a void of new-construction rental alternatives.”

The story of Sutton Hill is one of persistence and resiliency and The Point at Sutton Hill represents the final step in the initial plan Value Companies, Inc. had for a large-scale rental community near the Catskill Mountain resort area in the late 1970s.

While Orange County – once considered a popular vacation destination for Manhattanites – was struggling to attract residents and businesses by the 1970s, the area was seemingly poised for revitalization with the promise of a large commercial airport at Stewart Air Force Base and the anticipation of legalized gambling.

Enter the Value Companies. Hoping to capitalize on the reemergence of the Catskill Mountains, the developer purchased the existing 276-home Sutton Hill community in a foreclosure sale, but was unable to secure an adjacent 11.5-acre site that was planned as Phase II of the original development. The developer made several attempts to purchase the land, eventually backing off once it was evident the dream of an airport and possible casino was in doubt.

“As the 1970s rolled into the 1980s, it became clear the Orange County boom wasn’t going to happen,” Mr. Moore points out. “That didn’t mean the company wasn’t fully committed to the region.

“We completed improvements and the repositioning of Sutton Hill and managed it intently – all while keeping an eye on the possibility of acquiring and developing the final phase of Sutton Hill. It was never a question of whether, but rather that of when.”

In December of 2005, the Value Companies finally purchased the site and began plans to construct a new modern, state-of-the-art rental complex, as well as undertake significant renovations and improvements to the existing Sutton Hill buildings.

“Our dedication and confidence in the project is evident by our willingness to move forward and introduce The Point at Sutton Hill despite current economic conditions,” Mr. Moore says. “In addition to providing brand new apartments, we’re also reviewing plans to invest $2-3 million into exterior and site upgrades in the original Sutton Hill buildings and the construction of a new community clubhouse.”

For additional information on The Point at Sutton Hill, please call (845) 343-2272 or email suttonhill@valuecompanies.com.

About Value Companies
Value Companies, founded in 1952, is a leading real estate development, investment and management company headquartered in Clifton, N.J. The company currently owns and manages a portfolio of 3,600 residential units located throughout New Jersey, Pennsylvania, New York, Texas and Florida.

Value’s residential properties are built and managed by a highly-skilled, in-house management team of more than 80 industry professionals which oversee all aspects of Value’s communities, including construction, leasing, maintenance and property management. Value’s full-service management capabilities also serve a growing list of third-party real estate investment and property owner clients.

Across its development division, Value Companies has embarked on $100 million in new apartment, condominium and mixed-use developments in strategic suburban and urban locations throughout the country. Value’s development success is directly tied to its steadfast commitment and expertise in multifamily housing, and its ability to introduce new housing products that address consumer and community needs.

For more information, please contact Value Companies’ headquarters at 973-473-2800 or visit http://www.valuecompanies.com.

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