V.P. Justin Lupo and C.O.O. Jason Pucci Arrange Exclusive Sale of Luxury Active Adult Community with 75 Units and 69 Units to be Built
WOODBRIDGE, N.J., November 11, 2020 – The Kislak Company, Inc. announced the recent sale of Twin Ponds, a luxury active adult community in Hamilton Township, Mercer County, New Jersey, for $16,400,000.
Kislak marketed the property on an exclusive basis on behalf of the sellers, Crestwood Ventures LLC and Crestwood Ventures II LLC, and procured the purchaser, an affiliate of The Kamson Corporation, which is one of the largest private owners of multifamily properties in the Northeast. Vice president Justin Lupo and chief operating officer Jason Pucci together represented the parties in the transaction.
Twin Ponds is a phased development. The first phase with 56 units was completed in 2009. The second phase with 19 units and a clubhouse was completed in 2020. The purchaser intends to construct the third phase with 69 units planned.
“The marketing and sale of the property were complex given the various components of the transaction – the existing units and additional units to be built along with the purchaser’s exchange,” said Mr. Lupo. “The sale demonstrated Kislak’s ability to successfully resolve many issues throughout the transaction and procure the right purchaser per the terms of our exclusive agreement with the sellers.”
“Mercer County is a strong and growing market for multifamily properties,” said Mr. Pucci. “This was an excellent transaction for both parties – the conclusion of a successful development for the sellers and the partial completion of an exchange and an upgrade from an older lesser quality out-of-state property to a luxury one for the purchaser. Our team did an excellent job arranging the sale and helping to ensure a successful closing.”
Kamson’s purchase of Twin Ponds marked Kislak’s 65th transaction with them.
The property’s existing units range from 900 to 1,125-square-feet and include all two-bedroom units with two bathrooms. In-unit amenities include private patios or balconies, modern kitchens, central air conditioning, and individual laundry rooms. Residents enjoy access to a private clubhouse.
The purchaser’s attorneys were Allen Popowitz and Samantha Karni of Brach Eichler.
At the time of closing, the property was fully occupied.
Mr. Lupo joined Kislak in 2014, and received the firm’s 2015 Rookie of the Year award, 2018 Sima Kislak Jelin Salesperson of the Year award, and 2019 Producer of the Year award and has become one of the firm’s leading salespeople with investment sales totaling more than $300 million. He specializes in the sale of multifamily and other investment properties in central New Jersey and eastern Pennsylvania.
Mr. Pucci joined Kislak in 2006 and is responsible for the oversight and management of the firm’s operations, business activities and growth initiatives including achievement of its financial and operational objectives. Since joining Kislak, the firm has closed more than 1,500 transactions valued at over $6 billion with Mr. Pucci personally closing more than 60 transactions valued at over $600 million.
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 114th year, Kislak was among a select group of firms recognized as a 2019 Power Broker by CoStar Group, Inc. and this was the firm’s 14th consecutive recognition.