Parkview Terrace in Kingston, New York — Courtesy: The Kislak Co. Inc.
By Joshua Burd
Brokers with The Kislak Co. Inc. in Woodbridge have arranged the $4.25 million sale of two multifamily properties in New York’s Hudson Valley region, the firm announced Tuesday.
The transaction involved 68 units in Kingston, New York, the brokerage firm said in a news release. The fully occupied properties, acquired by an unnamed New York City-based purchaser, include sites known as Camelot Manor and Parkview Terrace Apartments.
Kislak Vice President Janet Bortz represented the seller and purchaser in the deal, the news release said. The purchases were part of a Section 1031 like-kind exchange.
“The Hudson Valley continues to attract buyers from New York City as well as local and regional owners,” Bortz said in a prepared statement. “Attractive cap rates, full occupancies, area retail expansions and workforce opportunities with no rent control contribute to a good value and upside. Northern Hudson Valley offers per unit prices below $100,000 per unit.”
Camelot Manor and Parkview Terrace Apartments are neighboring multifamily properties consisting of seven buildings, an on-site office and two garage buildings. The garden-style properties, which are located a mile from the New York State Thruway, were built and managed by the seller.
Recent capital improvements include new roofs, windows, vinyl siding, exterior doors and upgraded electrical systems, the news release said. A majority of the units have been renovated with hardwood flooring on the main level, new cabinets and appliances and renovated bathrooms.