WOODBRIDGE, N.J. – The Kislak Company, Inc. announced the recent sale of The Nature Preserve Townhomes in Wappingers Fall, New York for $9,350,000. The transaction included the purchase of 38 new luxury townhomes, which constitute a majority of the 53-unit development.
Vice president Janet Bortz represented both parties in the transaction after marketing the property on an exclusive basis.
The Nature Preserve Townhomes is a newly constructed luxury townhome rental community located on a 49-acre preserve. The well-appointed units are each 1,650 square feet and include two bedrooms with two and one-half bathrooms, private covered entries, finished lower levels, gas-fired fireplaces, vaulted ceilings, granite countertops, garages, and full-size washers and dryers. Property amenities include a tennis court, walking trails, community pavilion, and play area. The property is located minutes from a Metro North railroad station, shopping, transportation and many employers.
“The sale, at nearly $250,000 per unit, and with monthly rents of $2,200 to $2,700, demonstrates the growing luxury rental market in the Hudson Valley,” said Bortz. “Young professionals are opting to rent because it gives them the flexibility to relocate and doesn’t tie up their equity. They have seen their parents experience minimal appreciation with their homes and increasing property taxes, and don't want to be stuck. This trend will result in continued growth in the higher-end rental market.”
The sale of The Nature Preserve follows Bortz’s recent sale of another luxury property in Goshen, New York for over $218,000 per unit.
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. Bortz’s recent sales total more than $50,000,000 and include over 500 multifamily units in New York and New Jersey.
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. for multifamily sales transactions in northern New Jersey and this was the firm’s tenth consecutive recognition.