Hamilton Garden Apartments at 92-96 South Hamilton St. in Poughkeepsie — Courtesy: The Kislak Co. Inc.
By Joshua Burd
An investor has purchased a 58-unit apartment complex in New York’s Dutchess County for nearly $8.4 million, according to a listing team with The Kislak Co. Inc.
Janet Bortz, an executive vice president with the Woodbridge-based brokerage firm, represented a longtime client in its sale of the garden-style property at 92-96 South Hamilton St. in Poughkeepsie. She also procured the buyer, Poughkeepsie Apartments LLC, noting that the complex includes seven brick two-story buildings with renovations to select units.
The broker added that Hamilton Garden Apartments was roughly 98 percent occupied at the time of the $8.35 million deal and is not subject to rent control, offering additional upside in value and long-term returns.
“This was an excellent value-add opportunity for the well-funded buyer, who is planning to undertake interior and exterior capital spending,” Bortz said. “This will result in excellent improvements and the potential to both stabilize and increase rents.”
Set on 2.55 acres, Hamilton Garden is a collection of studio, one-bedroom and two-bedroom rentals built between 1925 and 1965, Kislak said. Community amenities include four laundry rooms, 70 on-site parking spaces and a superintendent on the premises.
Kislak added that the complex, which is surrounded by single-family homes and parks, is close to local shopping, dining and mass transit to New York Penn Station. Poughkeepsie, meantime, is home to institutions including Vassar College, Marist College, Dutchess Community College and The Culinary Institute of America, as well as recreational attractions such as the Walkway Over the Hudson, the Franklin D. Roosevelt Estate and Museum, wineries, golf courses and Hudson Valley hiking destinations.
Ernest D’Agostino provided legal representation for the buyer, an affiliate of another longtime Kislak client, while attorney Joshua Herbst served as counsel for the seller.
