S.V.P. Janet Bortz Arranges Exclusive Sale of 112-Unit Property
Woodbridge, N.J., July 9, 2020 – The Kislak Company, Inc. announced the recent $10,280,000 sale of Evergreen Manor Apartments, a 112-unit multifamily property located at 51-95 and 97-127 High Barney Road in Middletown, Orange County, New York. The property is situated on nine acres and includes an additional 12.6 acre parcel zoned for multifamily development.
Kislak marketed the property on an exclusive basis on behalf of a long-time client with senior vice president Janet Bortz handling the assignment and procuring the purchaser, a New York-based multifamily investment group.
The seller previously purchased the property through Kislak and Ms. Bortz in 2012.
“Evergreen Manor was an outstanding value add opportunity,” said Ms. Bortz. “There is immediate income growth with near-full occupancy levels as well as continued long term upside with capital improvements. An important advantage to the purchaser was the inclusion of 12.6 acres for potential multifamily development and this was also a factor in the sale price, which was above the asking price.”
The property is located in in the southern Hudson Valley east of the Hudson River, south of Newburgh, just north of Goshen and approximately 60 miles from New York City. Middletown is an excellent rental market with strong demand for multifamily workforce housing. It is ideally located with access to major highways, many employers and strong economic neighbors – Dutchess, Rockland and Westchester Counties in New York and Bergen County in New Jersey.
The property consists of seven two-story buildings with walkways, grassy courtyard space and ample on-site parking. The 112-unit property includes 124,920 rentable square feet with large one- and two-bedroom apartments. The value add opportunity had rents averaging $1.10 per square foot versus area competition of $1.55 per square foot and additional value with all units having individual heat and air condition with tenants paying utilities. The property was built in the early 1990s meeting more recent building codes and offering larger units, in demand for the current rental market. The construction is brick and vinyl sided façade with asphalt shingled pitched roofs.
At the time of closing, the property was 90% occupied. The purchaser intends to reposition the property though extensive interior and exterior renovations.
The seller’s attorney was Scott Herzog and the purchaser’s attorney was Joshua Herbst.
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.