S.V.P. Janet Bortz Arranges Exclusive Sale of 48 Units on 5.3 acres in Orange County
Woodbridge, N.J., January 31, 2022 – The Kislak Company, Inc. announced the recent sale of Canterbury Apartments, a 48-unit apartment complex situated on 5.3 acres at 52 Willow Avenue in Cornwall, Orange County, New York, for $7,288,000.
Kislak marketed the property on an exclusive basis with executive vice president Janet Bortz handling the assignment on behalf of the seller, Canterbury Apartments, LLC. Ms. Bortz also procured the purchaser, Tower Management Service Acquisitions, Inc., a longtime Kislak client for whom Ms. Bortz has handled several other transactions.
Ms. Bortz commented, “There are only a few rental properties in Cornwall and above average rental demand, creating a strong rental pool and demand among investors for properties. Our competitive bid process resulted in the sale of the property at full asking price. The buyers purchased the property as a value-add opportunity and will be doing significant renovations to reposition it.”
Owned, managed, and built by the same family since 1964, Canterbury Apartments sold at 100% occupancy with rents well below market providing strong upside potential. Centrally located in southern Orange County, the 48-unit garden style property is in a quiet scenic residential area within walking distance to the best Orange County schools and the quaint downtown Cornwall.
There are 24 large one-bedroom and 24 two-bedroom units within 6 buildings set in a horseshoe layout around a landscaped courtyard on the 5.3-acre site. Features and amenities include hardwood oak flooring, in-wall air conditioning units, free basement storage units, some paid utilities, and on-site maintenance and laundry facilities.
While the well-maintained buildings occupy 2 acres, the approximate 3 vacant acres of land afford the potential for future development in an ideal location with an excellent area reputation focused on tenant safety and comfort. Major transportation networks nearby include I-87and I-84; Routes 17, 9W and 32; and the Taconic Parkway, offering 30-minute access to Bergen, Rockland and Westchester Counties and 50 minutes to New York City.
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.
About The Kislak Company, Inc.
The Kislak Company, Inc., which is headquartered in Woodbridge, New Jersey, is a leading commercial real estate brokerage firm 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 116th year, Kislak was among a select group of firms recognized as a 2020 Power Broker by CoStar Group, Inc. and this was the firm’s 15th consecutive recognition.