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Brokerage
Posted: July 16, 2019
Bortz of The Kislak Co. sells 192-units for $19 million; Financing provided by Columbia Bank
New Windsor, NY
New Windsor, NY The Kislak Company, Inc. negotiated the $19 million sale of Southgate Village Apartments, a 192-unit multifamily property located at 2300 Vails Gate Heights Dr.
Kislak marketed the property on an exclusive with senior vice president Janet Bortz handling the assignment on behalf of the seller, New Windsor Properties, LLC. Bortz also procured the purchaser, South Gate Village, LLC, which as an affiliate of JP Management, a Kislak client.
Financing was provided by Columbia Bank. The sellers were represented by Scott Herzog, Esq. and the purchasers were represented by Allen Popowitz of Brach Eichler LLC.
The property includes 10 three-story brick buildings with pitched roofs and semi-private entrances on 10 acres. Some units have balconies. The unit mix includes 32 studios, 56 one bedrooms and 104 two bedrooms with 180,000 s/f.
Southgate Village Apartments is located in in central Orange County. New Windsor is a suburb located just west of Newburgh and part of the scenic Hudson Valley. The property’s location offers residents access to points south to Rockland and Bergen Counties, east to Westchester and Dutchess Counties and north to Ulster and Putnam Counties. Locally, the property offers access to major area highways and is located with shopping centers and dining areas within walking distance.
“This is a true value-add opportunity with strong rent growth potential in an expanding market,” said Bortz. “The sellers were longtime owners of the property, which is consistently fully-occupied with tenants paying below market rents. The purchaser is embarking on a renovation and capital improvement plan to significantly improve the property.”
Bortz is a leading producer at Kislak and an expert in the Hudson Valley investment real estate market. She joined Kislak in 2002 and specializes in the sale of investment properties including multifamily, retail, office and industrial assets throughout southern New York and northern New Jersey. She represents individual owners, multigenerational private investors, real estate firms and institutional clients in the acquisition and disposition of real estate.
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