Montage at Hamilton in Hamilton — Courtesy: The Kislak Co. Inc.
By Joshua Burd
A developer has sold 166 apartments in Hamilton and has agreed to build another 63 for the property’s new owner, as part of a $48.2 million deal brokered by The Kislak Co. Inc.
The brokerage on Wednesday said it represented Sharbell Hamilton Inc., an affiliate of Sharbell Development Corp., in the sale of Montage at Hamilton. The firm also represented the buyer, Kamson Corp., which also acquired six other units from third parties.
Montage at Hamilton, located at 1100 Talbot Way, was built in phases between 2008 and 2014 as active adult luxury condominiums, Kislak said. Sharbell retained most of the units after construction and has operated them as rentals leading up to the sale to Kamson.
Sharbell will now remain involved in the complex under its agreement to build another 63 units. Kislak added that Kamson completed the deal as part of a 1031 exchange.
“The marketing and sale of the property were complex given the various components of the transaction — the existing units, condominium structure and additional units to be built along with the purchaser’s exchange,” said Justin Lupo, sales associate with Kislak, who represented the seller. “The sale demonstrated Kislak’s ability to work quickly and efficiently to procure the right purchaser per the terms of our exclusive agreement with the seller.
“Sharbell and Kamson and their respective teams were a pleasure to deal with as we worked initially through the intricacies of contract negotiations and ultimately to closing.”
Kislak Chief Operating Officer Jason Pucci and Senior Vice President Jeffrey Wiener represented the buyer.
“Mercer County is a strong and growing market for multifamily properties,” Pucci said. “This was an excellent transaction for both parties — the conclusion of a successful development for the seller and the completion of an exchange and an upgrade from an older and lesser quality property to a luxury one for the purchaser.
“Our team did an excellent job arranging the sale and helping to ensure a successful closing.”
Montage at Hamilton currently includes four three-story buildings, with apartments ranging from 842 to 1,279 square feet, Kislak said. Residents have access to amenities such as a private clubhouse, a fitness room, a pool and walking and biking trails.
Michael Mann and Cynthia Anne DeLisi of Pepper Hamilton LLP represented the seller, while Allen Popowitz and Jeffrey Itzkowitz of Brach Eichler LLC represented the buyer. Augustus Larson of Larson Capital LLC arranged financing.
At the time of closing, the property was fully occupied with a waiting list.
“Kamson’s purchase of Montage marked Kislak’s 63rd transaction with them,” Wiener said. “I am extremely pleased that our team was able to help them purchase the property and complete their exchange.”