Ithaca, N.Y. — DMG Investments has acquired and rebranded Gun Hill Residences, a 273-bed community located near Cornell University in Ithaca. Now known as Auden Ithaca, the property is set for renovations including the addition of new kitchens and upgraded flooring and a complete refresh of the sales office.
Ryan Lang, Brandon Buell and Jack Brett of Newmark Knight Frank arranged the transaction, terms of which were undisclosed.
DMG acquired the property from GunHill Property LLC, an affiliate of Morgan Management LLC. In May, several officers of Morgan Management, including the company’s CEO, were named in a multi-count criminal indictment alleging mortgage fraud in multiple states; the SEC has also brought action against the company’s CEO. DMG has expressed that the indictments have no bearing on Auden Ithaca or the transaction.
“Other than purchasing the property from Morgan Management’s affiliate, there exists no relationship between DMG or its associated companies and the prior owner/operator,” says Jacky He, CEO of DMG. “Auden Ithaca has become a member of our Auden Student Housing Brand and we are committed to providing an elevated living experience for students as well as preserving the interests of our investors. DMG is already undertaking a major renovation project at the property to further improve the quality and style of all apartments.”