S.V.P. Janet Bortz Arranges Exclusive Sale of 150-Unit Property in Orange County
Woodbridge, N.J., May 18, 2021 – The Kislak Company, Inc. announced the recent sale of Crestwood Apartments, a 150-unit multifamily property located at 92 Fitzgerald Drive in Middletown, Orange County, New York, for $19,000,000.
Kislak marketed the property on an exclusive basis with Senior Vice President Janet Bortz handling the assignment for the seller, a large multifamily owner with an existing Hudson Valley New York apartment portfolio and an I.R.C Section 1031 exchange. Ms. Bortz also procured the purchaser, which is based in Rockland County and expanding their reach into the Hudson Valley.
Ms. Bortz, who has had a 20-year relationship with the seller and recently sold another Middletown multifamily property to the purchaser, commented: “The Hudson Valley multifamily market is in high demand particularly from owners diversifying from the high regulatory and rent controlled markets of New York City and Northern New Jersey. The Hudson Valley market has no rent control; high demand for rental units; and continued migration of tenants from higher cost rental markets.”
Crestwood Apartments has historically been fully occupied with long term ownership, recently selling at 98% occupancy. It consists of 8 three-story brick buildings containing 69 two-bedroom, 68 one-bedroom, 9 three-bedroom and 4 studio units. The larger units are available with 1 and 1.5 baths; and all apartments feature eat-in kitchens, dishwashers, A/C in wall units, large closets, vinyl thermopane windows and sliding doors to patios or balconies.
Other property amenities include on-site management and 24-hour service; on-site laundry facilities; and ample onsite parking with open green space on the 8.5-acre site. With direct access to Orange County public transportation in front of the property, tenants also have easy access to dining, retail, neighborhood centers, schools, and big box stores just blocks from nearby Rt. 211. Rt. 17, the NY State Thruway and Rt. 84 are only a few minutes away.
Low interest rates and strong investor interest in the Hudson Valley multifamily market have created a continued demand post-COVID. Future plans include an upgrade of the units and the exterior and repositioning the property.
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 115th 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.