Woodbridge, N.J. – The Kislak Company, Inc. announced the $6,350,000 sale of Dutchess Falls Townhomes, a 47-unit multifamily property located at 2 Wenliss Terrace, Wappingers Falls, New York.
Kislak marketed the property on an exclusive with senior Vice President Janet Bortz, representing the seller, a New York investment group, and the buyer, a large multifamily property owner with residential complexes in New York and New Jersey.
“The buyers, to whom I had previously sold property, consistently look for well-located properties offering value in the $5 million to $25 million range,” Ms. Bortz said. “I had also worked previously on acquisitions with the seller.”
With an extensive client base throughout the Hudson Valley, including northern New Jersey and southern New York State north to Albany, Ms. Bortz added: “This was an excellent investment opportunity to acquire a stabilized, renovated rental community with upside in such a strong Dutchess County community.”
Dutchess Falls Townhomes, built in 1960, contains 47 units, all fully renovated on both the interior and exterior in the last 10 years, consisting of 32 two-bedroom and 15 three-bedroom, two-story units. Along with living area on the first floor, renovated kitchens include above-stove microwaves, granite countertops, and a second egress side door entry. Original hardwood floors have been refinished throughout the units to enhance functionality as well as provide a warmer aesthetic.
All units are private entry with pitched roofs, vinyl siding, renovated front porches and driveways, and open rear yards. Located on two private, cul-de-sac streets, the property is lush with grassy lawns and established, manicured landscaping.
Dutchess Falls Townhomes are located in the heart of the Hudson Valley, well known for its scenic landscape, historic sites and extensive recreational opportunities. Just north of Westchester County, it is directly off of Route 9, offering convenient access to retail, restaurants, transportation, and commuter roadways. Just a few miles from the Newburgh Bridge and Orange County, the property is close to other major roadways including the New York State Thruway (87), Routes 84, 32, 17 and 9W along with the New Hamburg Metro North train station just a few miles away from the townhomes.
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 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 30 professionals provide comprehensive market coverage throughout New Jersey, New York, Pennsylvania and Delaware.
Now in its 112th year, Kislak was among a select group of firms recognized as a 2016 Power Broker by CoStar Group, Inc. and this was the firm’s eleventh consecutive recognition.