Rockland County Multifamily Portfolio Trades in 1031 Deal for $19.2 Million
Real Estate In-Depth | August 15, 2022
PEARL RIVER—In a deal recently announced by New Jersey-based brokerage firm The Kislak Company, Inc. a three-property multifamily portfolio in Nanuet and Pearl River in Rockland County has traded for $19.2 million.
The portfolio includes Buckingham Gardens with 64 units at 249 North Middletown Road in Nanuet, Henry Street Apartments with 18 units at 31-33 South Middletown Road / 24 Henry Street in Pearl River and a 12-unit property at 76 – 80 Hunt Avenue in Pearl River.
Kislak marketed the portfolio on an exclusive basis with sales associate Gregory Koenig handling the assignment on behalf of the sellers, Hunt Properties, LLC; Henry Properties, LLC and Middletown Properties, LLC, which are in the process of completing an I.R.C Section 1031 exchange following the sale of their portfolio. Koenig also procured the purchaser, Westchester County-based Harborview Properties I, LLC, which completed an I.R.C Section 1031 exchange with the purchase of the portfolio. This was also the second sale Kislak and Koenig handled on behalf of the sellers in the last year.
Koenig said, “The purchaser was thrilled to complete a 1031 exchange with the purchase of these three properties. The sellers took advantage of a strong market, deciding to sell after 30 years of ownership. It was a smooth transaction and a big win for both parties.”
The portfolio consists of 94 free market units that include many recent capital improvements. A total of 15 of the 94 units have been fully renovated and an additional 19 units have renovated bathrooms and other improvements. The fully renovated units are achieving rent premiums of $200 to $500 per unit.
The unit mix includes six efficiency units, six studios, 36 one-bedroom units and 16 two-bedroom units at Buckingham Gardens; 10 one-bedroom units and eight two-bedroom units at Henry Street Apartments and 12 one-bedroom units at the Hunt Avenue property.