WOODBRIDGE, N.J. - The Kislak Company, Inc. announced the recent sale of Camelot Manor and Parkview Terrace Apartments, two multifamily properties with a total of 68 units in Kingston, Ulster County, New York, for $4,250,000.
Vice president Janet Bortz represented the seller and purchaser in the transaction. The seller engaged Kislak on an exclusive basis to market and sell the properties. The New York City-based purchaser used the purchases to complete a Section 1031 like-kind exchange.
“The Hudson Valley continues to attract buyers from New York City as well as local and regional owners,” said Bortz. “Attractive cap rates, full occupancies, area retail expansions and work force opportunities with no rent control contribute to a good value and upside. Northern Hudson Valley offers per unit prices below $100,000 per unit.”
Camelot Manor and Parkview Terrace Apartments are neighboring multifamily properties consisting of seven buildings, and on-site office and two garage buildings. The well maintained garden-style properties were built and managed by the seller.
Recent capital improvements include new roofs, windows, vinyl siding, exterior doors, and upgraded electrical systems. A majority of the units have been renovated with hardwood flooring on the main level, new cabinets and appliances and renovated bathrooms. The properties are located one mile from the New York State Thruway in a suburban residential area with access to parks, shopping and bus service.
The properties were fully occupied at closing.
Janet Bortz joined Kislak in 2002 and specializes in the sale of investment properties including multifamily, retail, office and industrial assets throughout the Hudson Valley and northern New Jersey. Her understanding of investment real estate transactions, important local market trends, employment, demographics, regulations and area competition has earned her a reputation as a valued and relied-upon resource. Janet Bortz’s recent Hudson Valley sales include multifamily transactions in Poughkeepsie, Wappingers Falls and Goshen, New York.
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 110th year, Kislak was among a select group of firms recognized as a 2015 Power Broker by CoStar Group, Inc. and this was the firm’s tenth consecutive recognition.