Twin Ponds at 2307 Upper Pond Court in Hamilton — Courtesy: The Kislak Co. Inc.
By Joshua Burd
A large multifamily owner has expanded its portfolio in the state, acquiring 75 units and an adjacent development site at an active adult community in Hamilton.
The sellers, Crestwood Ventures LLC and Crestwood Ventures II LLC, reaped $16.4 million from the sale of the property known as Twin Ponds, according to brokers with The Kislak Co. Inc. An affiliate of The Kamson Corp. acquired the site at 2307 Upper Pond Court, with plans to build an additional 69 units as part of a third phase.
Kislak Vice President Justin Lupo and Chief Operating Officer Jason Pucci represented the sellers and procured the buyer. Allen Popowitz and Samantha Karni of Brach Eichler LLC served as Kamson’s attorneys.
“The marketing and sale of the property were complex given the various components of the transaction — the existing units and additional units to be built along with the purchaser’s exchange,” Lupo said. “The sale demonstrated Kislak’s ability to successfully resolve many issues throughout the transaction and procure the right purchaser per the terms of our exclusive agreement with the sellers.”
In a news release, Kislak said the 56-unit first phase of Twin Ponds opened in 2009. The second, which includes 19 units and a clubhouse, was completed in 2020. The property was fully occupied at the time of the closing.
“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 sellers and the partial completion of an exchange and an upgrade from an older lesser-quality out-of-state property to a luxury one for the purchaser. Our team did an excellent job arranging the sale and helping to ensure a successful closing.”