Gun Hill Apartments purchased for $22.4 million, gets name change

A development firm has purchased Gun Hill Apartments, at 210 Lake Street in Ithaca, for $22,375,000, records from the Tompkins County clerk show.

Ithaca Gunhill Property LLC purchased the property from Morgan Gun Hill LLC, which represented Morgan Communities, after obtaining a $13.3 million loan from Suntrust Bank, a regional bank in the southeastern U.S. The property was actually assessed at $12.65 million by the county.

DMG Investments LLC, a New York City-based subsidiary of DoThink Group of Hangzhou, a Chinese development firm, formed Ithaca Gunhill Property LLC.

The Ithaca Journal

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