Evergreen Manor Apartments at 51-95 and 97-127 High Barney Road in Middletown, New York — Courtesy: The Kislak Co. Inc.
By Joshua Burd
An investment group has acquired a 112-unit apartment property about 15 miles north of Sussex County, under a newly announced transaction by The Kislak Co. Inc.
The Woodbridge-based brokerage firm announced Thursday that it represented a longtime client in the sale of Evergreen Manor Apartments, which sits at 51-95 and 97-127 High Barney Road in Middletown, New York. A multifamily buyer based in the region purchased the complex for $10.28 million, with plans to reposition the property though extensive interior and exterior renovations.
“Evergreen Manor was an outstanding value-add opportunity,” said Janet Bortz, a senior vice president with Kislak. “There is immediate income growth with near-full occupancy levels as well as continued long term upside with capital improvements. An important advantage to the purchaser was the inclusion of 12.6 acres for potential multifamily development and this was also a factor in the sale price, which was above the asking price.”
The seller originally purchased the property through Kislak in 2012, with Bortz also serving as the broker. In a news release, the firm noted that the property is located in the southern Hudson Valley, east of the Hudson River, and about 60 miles from New York City.
The property consists of seven two-story buildings with walkways, courtyard space and ample on-site parking, the news release said. The property, which was built in the early 1990s, was 90 percent occupied at the time of closing.
Scott Herzog and Joshua Herbst served as the attorneys for the seller and buyer, respectively.
