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The Max and Marian Farash Charitable Foundation said Thursday it has begun the process of selling off nine apartment communities in the Rochester area.
The organization is selling the properties through its wholly-owned real estate subsidiary Farash Corp., officials said. The apartment communities, located in both Monroe and Ontario counties, collectively have more than 2,900 apartment units.
The foundation said global real estate services firm CBRE Group Inc. is handling the sale of the properties. CBRE is also representing the Farash Foundation in the sale of five apartment communities in Florida.
The properties in the Rochester area are managed by the Cabot Group. The foundation said in a statement that no changes in operations or property management are anticipated as the marketing of the properties takes place.
The foundation said the sale is part of its plan to monetize assets and diversify its investments, allowing it to further support charitable purposes. The foundation provides grants to non-profit organizations in areas of education, entrepreneurship, human services, arts and Jewish life.
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