S.V.P. Janet Bortz Arranges Exclusive Sale of Southgate Village Apartments in New Windsor
Woodbridge, N.J., June 28, 2019 – The Kislak Company, Inc. announced the recent $19,000,000 sale of Southgate Village Apartments, a 192-unit multifamily property located at 2300 Vails Gate Heights Drive in New Windsor, Orange County, New York.
Kislak marketed the property on an exclusive with senior vice president Janet Bortz handling the assignment on behalf of the seller, New Windsor Properties, LLC. Ms. Bortz also procured the purchaser, South Gate Village, LLC, which as an affiliate of JP Management, a longtime Kislak client.
“This is a true value-add opportunity with strong rent growth potential in an expanding market,” said Ms. Bortz. “The sellers were longtime owners of the property, which is consistently fully-occupied with tenants paying below market rents. The purchaser is embarking on a renovation and capital improvement plan to significantly improve the property.”
Southgate Village Apartments is located in New Windsor, New York in central Orange County. New Windsor is a suburb located just west of Newburgh and part of the scenic Hudson Valley. The property’s location offers residents convenient access to points south to Rockland and Bergen Counties, east to Westchester and Dutchess Counties and north to Ulster and Putnam Counties. Locally, the property offers easy access to major area highways and is conveniently located with shopping centers and dining areas within walking distance.
The property includes 10 three-story brick buildings with pitched roofs and semi-private entrances on 10 acres. Some units have balconies. The unit mix includes 32 studios, 56 one bedrooms and 104 two bedrooms with approximately 180,000 total rentable square feet.
Ms. Bortz is a leading producer at Kislak and an expert in the Hudson Valley investment real estate market. She joined Kislak in 2002 and specializes in the sale of investment properties including multifamily, retail, office and industrial assets throughout southern New York and northern New Jersey. She represents individual owners, multigenerational private investors, real estate firms and institutional clients in the acquisition and disposition of real estate.
Financing for the purchase was provided by Columbia Bank. The sellers were represented by Scott Herzog, Esq. and the purchasers were represented by Allen Popowitz of Brach Eichler LLC.
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 35 professionals provide comprehensive market coverage throughout New Jersey, New York, Pennsylvania and Delaware.
Now in its 113th year, Kislak was among a select group of firms recognized as a 2018 Power Broker by CoStar Group, Inc. and this was the firm’s thirteenth consecutive recognition.