Woodland Apartments at 1833 West Water St. in Elvira — Courtesy: The Kislak Co. Inc.
By Joshua Burd
The longtime owners of a 58-unit apartment complex in New York’s Southern Tier has sold the property for $2.83 million, in a deal arranged by The Kislak Co. Inc.
The Woodbridge-based brokerage firm said it represented the seller, Resko-Phil Partnership Elmira, in the trade of Woodland Apartments in the city of Elmira. Rodman Properties purchased the garden-style property at 1833 West Water St.
Both parties are longtime Kislak clients, with Senior Vice President Daniel Lanni marketing the property for sale and President Robert Holland procuring the buyer. Kislak also brokered Resko-Phil’s purchase of the property decades ago.
“Kislak had the pleasure of selling this building in the early 1980s and when the family decided it was time to sell 40 years later, they engaged Kislak,” Lanni said. “We helped them achieve the highest price from the best possible buyer who closed with all cash.”
Woodland Apartments comprises six buildings on 5.21 acres overlooking the Chemung River, Kislak said. The complex has 22 one-bedroom and 36 two-bedroom units, while residents have easy access to public transportation and one of the Southern Tier’s economic hubs.
“The purchaser owns in the area already,” Holland said. “This was a nice addition to their portfolio of approximately 7,000 units, primarily in Pennsylvania and now Elmira, New York. This is a value-add property with the opportunity to upgrade units and the exterior of the property.”
