Bortz of The Kislak Co. arranges $8.35m sale of 58-unit Hamilton Garden Apartments

Poughkeepsie, NY The Kislak Company, Inc. negotiated the sale of Hamilton Garden Apartments, a 58-unit complex at 92-96 South Hamilton St. for $8.35 million.

Kislak marketed the property on an exclusive basis with executive vice president Janet Bortz handling the assignment on behalf of the seller and client, Hamilton Garden Estates, LLC, and she also procured the purchaser, Poughkeepsie Apartments, LLC, an affiliate of another client.

Bortz said, “This was an excellent value-add opportunity for the well-funded buyer, who is planning to undertake interior and exterior capital spending. This will result in excellent improvements and the potential to both stabilize and increase rents.”

Set on 2.55 acres within a residential neighborhood surrounded by single-family homes and nearby parks, the garden-style community consists of seven brick two-story buildings, two constructed in 1925 and five constructed in 1965, totaling 58 apartments with two studios, 31 one-bedroom units and 25 two-bedroom units.

Select units feature renovated kitchens, hardwood flooring in addition to carpeting, and either patios or private balconies. Apartments also offer natural light, classic ceramic bath tilework, gas heat, AC wall units, and open layouts. Community amenities include four onsite laundry rooms, 70 onsite parking spaces, and an onsite superintendent.

The property offers a walkable/bikeable residential location close to local shopping and dining, and access to Amtrak Empire service and local/express trains to New York City’s Penn Station.

Poughkeepsie is also home to institutions including Vassar College, Marist College, Dutchess Community College, and The Culinary Institute of America as well as highly regarded nearby hospitals. Recreational attractions such as the Walkway Over the Hudson, the Franklin D. Roosevelt Estate and Museum, area wineries, golf courses, and scenic Hudson Valley hiking destinations are also nearby.

At closing, occupancy was approximately 98% and the property is not subject to rent control, offering additional upside in value and long-term returns. Legal representation for the buyer was provided by Ernest D’Agostino, Esq. and counsel for the seller was provided by Joshua Herbst, Esq.

Bortz joined Kislak in 2002 and is a leading producer at the firm, and in New York’s Hudson Valley where she specializes in the sale of investment properties including multifamily, retail, office, and industrial assets. Bortz represents individual owners, multigenerational private investors, real estate firms and institutional clients in the acquisition and disposition of investment real estate. Her recent transactions included several multifamily sales in New York for more than $100 million. Bortz is a licensed real estate salesperson in New York and New Jersey.