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Brokerage
Posted: July 12, 2022
Koenig of Kislak Co. sells 94-unit multifamily portfolio for $19.2 million
Nanuet & Pearl River, NY The Kislak Company, Inc. completed the sale of a three-property multifamily portfolio in Rockland County for $19.2 million. The portfolio includes Buckingham Gardens with 64 units at 249 North Middletown Rd.; Henry Street Apartments with 18 units at 31-33 South Middletown Rd./24 Henry St.; and a 12-unit property at 76-80 Hunt Ave.
Kislak marketed the portfolio on an exclusive basis with sales associate Gregory Koenig handling the assignment on behalf of the sellers, Hunt Properties, LLC; Henry Properties, LLC and Middletown Properties, LLC, which are in the process of completing an IRC Section 1031 exchange following the sale of their portfolio. Koenig also procured the purchaser, Harborview Properties I, LLC, which completed an IRC Section 1031 exchange with the purchase of the portfolio. This was also the second sale Kislak and Koenig handled on behalf of the sellers in the last year.
Koenig said, “The purchaser was thrilled to complete a 1031 exchange with the purchase of these three properties. The sellers took advantage of a strong market, deciding to sell after 30 years of ownership. It was a smooth transaction and a big win for both parties.”
The portfolio consists of 94 free market units that include many recent capital improvements. 15 of the 94 units have been fully renovated and an additional 19 units have renovated bathrooms and other improvements.
The unit mix includes six efficiency units, six studios, 36 one-bedroom units and 16 two-bedroom units at Buckingham Gardens; 10 one-bedroom units and eight two-bedroom units at Henry Street Apartments; and 12 one-bedroom units at Hunt Ave.
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