New Windsor Multifamily Trades for $19M
John Jordan | July 31, 2019
NEW WINDSOR—The Southgate Village Apartments here has been acquired by an affiliate of JP Management for $19 million.
Woodbridge, NJ-based The Kislak Company Inc. reported the sale of the 192-unit multifamily property. Kislak marketed the property at 2300 Vails Gate Heights Drive on an exclusive with senior vice president Janet Bortz handling the assignment on behalf of the seller, New Windsor Properties, LLC. Bortz also procured the purchaser, South Gate Village, LLC, an affiliate of Hackensack, NJ-based JP Management.
The property includes 10 three-story brick buildings with pitched roofs and semi-private entrances on 10 acres. The unit mix includes 32 studios, 56 one-bedrooms and 104 two-bedrooms with approximately 180,000 total rentable square feet. Some of the units have balconies.
“This is a true value-add opportunity with strong rent growth potential in an expanding market,” Bortz says. “The sellers were longtime owners of the property, which is consistently fully-occupied with tenants paying below market rents.”
She adds that JP Management is embarking on a renovation and capital improvement plan to significantly improve the property.
Financing for the purchase was provided by Columbia Bank. The sellers were represented by Scott Herzog, Esq. and the JP Management were represented by Allen Popowitz of Brach Eichler LLC.
Editor, Real Estate In-Depth