Middletown Apartment Complex Trades for $19 Million
Real Estate In-Depth | May 20, 2021
MIDDLETOWN—The 150-unit Crestwood Apartments multifamily property at 92 Fitzgerald Drive here has been sold for $19 million.
The deal was reported by Woodbridge, NJ-based brokerage firm The Kislak Company, Inc. which did not identify the purchaser. The Real Deal reported that the buyer of Crestwood Apartments was Chestnut Ridge-based North Point Management. Last July, North Point Management spent $10.28 million in purchasing Evergreen Manor Apartments, a 112-unit multifamily property located at 51-95 and 97-127 High Barney Road in Middletown. That deal was also brokered by Kislak Co.
Kislak marketed the property on an exclusive basis with Senior Vice President Janet Bortz handling the assignment for the seller, a large multifamily owner with an existing Hudson Valley New York apartment portfolio and an I.R.C Section 1031 exchange.
Crestwood Apartments has historically been fully occupied with long term ownership and sold at 98% occupancy. It consists of eight three-story brick buildings containing 69 two-bedroom, 68 one-bedroom, nine three-bedroom and four studio units. The larger units are available with 1 and 1.5 baths; and all apartments feature eat-in kitchens, dishwashers, A/C in wall units, large closets, vinyl Thermopane windows and sliding doors to patios or balconies.
Other property amenities include on-site management and 24-hour service; on-site laundry facilities; and ample onsite parking with open green space on the 8.5-acre site. Future plans include an upgrade of the units and the exterior and repositioning the property.
With direct access to Orange County public transportation in front of the property, tenants also have easy access to dining, retail, neighborhood centers, schools, and big box stores just blocks from nearby Route 211. Route 17, the New York State Thruway and I-84 are a few minutes away.
Bortz, who also was the broker in the Evergreen Manor Apartments transaction, said, “The Hudson Valley multifamily market is in high demand particularly from owners diversifying from the high regulatory and rent controlled markets of New York City and Northern New Jersey. The Hudson Valley market has no rent control; high demand for rental units and continued migration of tenants from higher cost rental markets.”
She added, Low interest rates and strong investor interest in the Hudson Valley multifamily market have created a continued demand post-COVID.