WOODBRIDGE, N.J. — The Kislak Company, Inc., the dominant investment real estate sales firm in the tri-state region, announced the $10,500,000 sale of Village Place at Goshen Apartments, a 48-unit luxury property in Goshen, Orange County, New York. Vice presidents Janet Bortz and Daniel Lanni represented the seller. Bortz and co-managing director Jeffrey Wiener represented the purchaser.
“The market is changing in the lower Hudson Valley with more luxury rental properties being built,” said Bortz. “Luxury living with no maintenance or real estate taxes is attractive to both young professionals as well as empty nesters. The Hudson Valley has rents of up to $2,400 per month in newer rental construction.”
“The area is performing well economically and the population is growing,” said Robert Holland, president and co-managing director. “Our sales team achieved a per unit sale price of $218,750, among the highest ever paid in Orange County and the Hudson Valley. There is strong demand among renters for this type of quality product and there is similarly strong demand among investors to acquire this type of product.”
Built in 2009, Village Place at Goshen features large, 1,300 square foot apartments with nine foot ceilings, hardwood flooring, granite countertops, stainless steel appliances and in-unit washers and dryers. The property is located 30 minutes from the New York-New Jersey border with easy commuting access to Bergen County in New Jersey, Rockland and Westchester Counties in New York, and New York City.
"The sellers successfully completed other transactions with Kislak and retained us exclusively because of our success and multifamily sales experience,” said Bortz. “This is the second transaction with the sellers in five six months,” added Lanni. “They understand that now is the perfect time to sell top quality multifamily properties given the great demand from investors and historically low interest rates. With our exclusive listing, we were able to achieve the highest and best price for them and close quickly.”
The Seller was represented by Debra Schulman, Esq. The Purchaser was represented by Edward Bortz, Esq. Financing was provided by Columbia Bank. At the time of closing, the property was 98% occupied.
About The Kislak Company, Inc.
The Kislak Company, Inc., which is headquartered in Woodbridge, New Jersey, is recognized as the dominant investment sales company serving the multifamily and retail markets. 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 25 professionals provide comprehensive market coverage throughout New Jersey, New York, Pennsylvania and Delaware.
Now in its 108th year, Kislak was among a select group of firms recognized as a 2013 Power Broker by CoStar Group, Inc. for multifamily sales transactions in northern New Jersey and this was the firm’s eighth consecutive recognition.