Towne Terrace Apartments at 50 Cantrell Ave. in Middletown, New York — Courtesy: The Kislak Co. Inc.
By Joshua Burd
A family ownership group has sold a 77-unit apartment complex in New York’s Orange County for nearly $11 million, in a newly announced deal by The Kislak Co. Inc.
The seller, Towne Terrace Partners LP, owned the Middletown property for some 50 years before completing the transaction at 50 Cantrell Ave. An investor listed as Towne Terrace Apts LLC purchased the garden-style units for $10.85 million.
Kislak’s Janet Bortz represented the seller and procured the buyer.
“Our marketing of Towne Terrace Apartments resulted in aggressive offers given the property’s 100 percent occupancy, its private scenic setting, large units including duplexes, and upside in rents,” Bortz said. “The property was off the market within two weeks of the offering.”
Built in the 1970s, the 4.2-acre property includes four-two story buildings with a mix of one-, two- and three-bedroom units. Residents have access to laundry facilities, tenant storage and on-site parking, Kislak said, while citing recent improvements to the complex such as new gas boilers, new windows in 50 units and a new roof.
The property is a half-mile from Route 211 in downtown Middletown, minutes from houses of worship and two blocks from a new YMCA facility, according to a news release. Also nearby are thoroughfares such as Route 17, Interstate 84 and the New York State Thruway.