Laurelton Village at 601 North Black Horse Pike in Williamstown — Courtesy: The Kislak Co. Inc.
By Joshua Burd
Affiliates of The Kamson Corp. have sold a combined 190 apartments in Gloucester and Bergen counties for $31 million, in an off-market deal arranged by The Kislak Co. Inc.
According to the brokerage team, the portfolio includes the 176-unit Laurelton Village at 601 North Black Horse Pike in Williamstown. The second property, Woodcliff Lake Commons, is a 14-unit building with five retail spaces at 62 Broadway in Woodcliff Lake.
Kislak CEO Jason Pucci represented the sellers, Laurelton Village Realty LP and W.C.L. Broadway Realty Associates LLC, noting that Kamson is a longtime client and one of the largest private owners of multifamily properties in the Northeast. Fellow Kislak broker Barry Waisbrod, an executive vice president with the Woodbridge-based firm, procured the buyer, Woodcliff & Laurelton Partners LLC.
“This was an extraordinary deal in that we had a short window in which to transact,” Pucci said. “Both parties and their attorneys worked quickly and well together to draft, negotiate and sign two contracts while simultaneously completing two detailed property tours in only three days, which allowed us to close two months later. The timing also enabled the seller to use one of the properties as part of an I.R.C. Section 1031 exchange.”
Allen Popowitz of Brach Eichler LLC was the seller’s attorney, while Daniel Cohen and Issac Graaf of Jeffrey Zwick & Associates PC provided legal counsel to the buyer. IS Realty LLC arranged financing with Trevian Capital.
“The purchaser’s acquisition of Laurelton Village enabled them to increase their holdings in the local market while entering the strong Bergen County market for the first time through their acquisition of Woodcliff Lake Commons,” Waisbrod said. “I expect they will do well with both properties.”
Built in 1970, Laurelton Village is a two-story brick garden apartment complex with 176 two-bedroom units spread across 14 buildings. Recent improvements at the nine-acre property include new exteriors, windows and kitchen cabinets, Kislak said, while residents have access to laundry facilities, a pool, a playground and ample on-site parking.
The property is close to the Deptford Mall, routes 168 and 42, Interstate 295 and the New Jersey Turnpike, the news release said. It’s also some 23 miles southeast of Philadelphia.
Woodcliff Lake Commons, which was built in 2019, includes a private lobby entrance with package and elevator service, upscale units and on-site assigned parking, Kislak said. The local train station is a 10-minute walk from the property and runs on the Pascack Valley line with service to New York Penn Station.
Kamson acquired Laurelton Village in 2003 in a sale that Kislak also brokered, the news release said. That relationship goes back more than 40 years, while the most recent sales marked the 76th and 77th that the brokerage firm has handled for Kamson during that stretch.
