S.V.P. Janet Bortz & E.V.P. Joni Sweetwood Arrange Exclusive Sale of Fully Approved 84-Unit Rental Community
Woodbridge, N.J., December 10, 2020 – The Kislak Company, Inc. announced the recent sale of a fully-approved multifamily development site on over seven acres at 31-35 Violet Avenue in Poughkeepsie, Dutchess County, New York for $2,100,000.
Kislak marketed the property on an exclusive basis on behalf of a long-time client with senior vice president Janet Bortz handling the assignment. Executive vice president Joni Sweetwood procured the purchaser, another longtime client.
“The Hudson Valley has lagged in available new construction for age-restricted rental housing,” said Ms. Bortz. “This property offered an excellent development opportunity in a wide-open market segment.”
Ms. Sweetwood added, “the purchaser obtained a PILOT program prior to closing, which enhanced the investment. He anticipates doing well in filling the market void.”
The development is fully approved for residents age 55 and over and includes 84 residential units, 9,600 square feet of retail and office space, and a 2,125-square-foot clubhouse on over seven acres. The development is planned as a market-rate rental community in six buildings with on-site parking. Approximately 40% of the site will be designated as open space for the residents’ enjoyment.
The property is close to walking trails including the Walkway over the Hudson River, parks, downtown Poughkeepsie, and New York City train service.
Ms. Bortz, a top producer in this market and at Kislak, joined the firm in 2002. She specializes in the sale of investment properties including multifamily, retail, office and industrial assets. She represents individual owners, multigenerational private investors, real estate firms and institutional clients in the acquisition and disposition of real estate.
Joni Sweetwood joined Kislak in 1996 and is one of the firm’s all-time leading salespeople. She has won numerous sales awards, including the Sima Kislak Jelin Salesperson of the Year award in 2010 and the firm’s production award multiple times since then, most recently in 2018, and has been recognized repeatedly as one of New Jersey’s Commercial Brokerage All Stars and the Mid Atlantic Real Estate Journal’s Executive Women in Business.