Paltz River Apartments at 901 Mill Place in Montgomery, New York — Courtesy: The Kislak Co. Inc.
By Joshua Burd
A local owner has purchased a 20-unit apartment complex and an adjacent development site in New York’s Orange County, in a newly announced deal by The Kislak Co. Inc.
In a news release, the brokerage firm said Paltz River Apts. Inc. paid $3.475 million for the property at 901 Mill Place in Montgomery, around 27 miles from the New Jersey border. The deal spans a combined 6.7 acres, including the existing Paltz River Apartments and land with approvals to build another 38 units across four buildings.
Kislak Executive Vice President Janet Bortz represented longtime client Tower Paltz River 2015 LLC in the sale, while also procuring the buyer. She noted that the property, which was built in 1996, has a mix of one- and two-bedroom floorplans and 76 surface parking spaces.
M&T Bank provided financing.
“The purchaser owns and has developed multifamily properties in the Orange County market,” Bortz said. “They were able to purchase the existing units with below market rents and can add 38 units contiguous to the existing 20 units.”
Residents at the property have easy access to southern Orange County’s transportation network, via the New York State Thruway and Interstate 84, and the region’s employment centers.
“Montgomery is a very charming Hudson Valley town and sought after to rent or own homes,” Bortz added. “To acquire newer construction with in-place approvals for additional units was a unique and excellent opportunity.”
