Luxury Mercer County, N.J. Active Adult Community with 172 Units and 63 Units to be Built Trades
WOODBRIDGE, N.J., May 30, 2018 – The Kislak Company, Inc. announced the sale of Montage at Hamilton, a recently-constructed luxury active adult community in Hamilton Township, Mercer County, New Jersey, for $48,155,000.
Kislak marketed the property on an exclusive basis on behalf of Sharbell Hamilton, Inc., an affiliate of Sharbell Development Corporation, the innovative and award-wining developer of the property. Sales associate Justin Lupo represented the seller and chief operating officer Jason Pucci and senior vice president Jeffrey Wiener together represented the purchaser, an affiliate of The Kamson Corporation, which is one of the largest private owners of multifamily properties in the Northeast. The purchaser completed an I.R.C. Section 1031 Exchange with the purchase.
Montage at Hamilton was built in phases between 2008 and 2014 as an active adult luxury condominium. Following construction, the seller retained most of the units, which are operated as rentals. The sale included 166 of 179 units from the seller, six units from third parties and an agreement for the seller to construct an additional 63 units on the property for the purchaser.
“The marketing and sale of the property were complex given the various components of the transaction – the existing units, condominium structure and additional units to be built along with the purchaser’s exchange,” said Mr. Lupo. “The sale demonstrated Kislak’s ability to work quickly and efficiently to procure the right purchaser per the terms of our exclusive agreement with the seller. Sharbell and Kamson and their respective teams were a pleasure to deal with as we worked initially through the intricacies of contract negotiations and ultimately to closing.”
“Mercer County is a strong and growing market for multifamily properties,” said Mr. Pucci. “This was an excellent transaction for both parties – the conclusion of a successful development for the seller and the completion of an exchange and an upgrade from an older and lesser quality property to a luxury one for the purchaser. Our team did an excellent job arranging the sale and helping to ensure a successful closing.”
“Kamson’s purchase of Montage marked Kislak’s 63rd transaction with them,” said Mr. Wiener. “I am extremely pleased that our team was able to help them purchase the property and complete their exchange.”
The property’s units range from 842 to 1,279-square-feet and include a mix of one- and two-bedroom floor plans and each existing unit is located in one of four three-story buildings. In-unit amenities include private balconies, a video intercom system, modern kitchens, central air, and individual laundry rooms. Residents enjoy access to a private clubhouse with many indoor and outdoor amenities including a fitness room, a multi-purpose room, outdoor pool, tennis court, and well-maintained walking and biking trails.
The seller was represented by Michael Mann and Cynthia Anne DeLisi of Pepper Hamilton LLP and the purchaser was represented by Allen Popowitz and Jeffrey Itzkowitz of Brach Eichler LLC. Financing was arranged by Augustus Larson of Larson Capital, LLC.
At the time of closing, the property was fully occupied with a waiting list.
About The Kislak Company, Inc.
The Kislak Company, Inc., which is headquartered in Woodbridge, New Jersey, is a leading commercial real estate brokerage consistently recognized for its investment sales success. Established in 1906, Kislak’s market leadership position and longevity are due to its ability to offer clients a personalized, hands-on approach, coupled with the unrivaled expertise of its long-tenured team of professionals. Kislak’s prestigious client base includes individual investors and owners, partnerships, financial institutions, and REITs. The firm’s 30 professionals provide comprehensive market coverage throughout New Jersey, New York, Pennsylvania and Delaware.
Now in its 112th year, Kislak was among a select group of firms recognized as a 2017 Power Broker by CoStar Group, Inc. and this was the firm’s twelfth consecutive recognition.
For more information about The Kislak Company, Inc., please contact Jason Pucci, chief operating officer, at (732) 750-3000 or firstname.lastname@example.org, or visit www.kislakrealty.com