Woodbridge-based The Kislak Company Inc. announced Wednesday the sale of Montage at Hamilton, a recently-constructed luxury adult community in Hamilton.
The property sold for $48.2 million.
Kislak said it marketed the property exclusively on behalf of Sharbell Hamilton Inc., an affiliate of Sharbell Development Corp.
Justin Lupo, sales associate at Kislak, represented the seller. Jason Pucci, chief operating officer, Jeffrey Wiener, senior vice president, represented the buyer, an affiliate of The Kamson Corp. The buyer completed an I.R.C. Section 1031 Exchange with the deal.
The sale included 166 of 179 units from the seller, six units from third parties and an agreement for the seller to construct an additional 63 units on the property for the buyer.
“The marketing and sale of the property were complex given the various components of the transaction – the existing units, condominium structure and additional units to be built along with the purchaser’s exchange,” Lupo said. “The sale demonstrated Kislak’s ability to work quickly and efficiently to procure the right purchaser per the terms of our exclusive agreement with the seller. Sharbell and Kamson and their respective teams were a pleasure to deal with as we worked initially through the intricacies of contract negotiations and ultimately to closing.”
“Mercer County is a strong and growing market for multifamily properties,” Pucci said. “This was an excellent transaction for both parties – the conclusion of a successful development for the seller and the completion of an exchange and an upgrade from an older and lesser quality property to a luxury one for the purchaser. Our team did an excellent job arranging the sale and helping to ensure a successful closing.”
“Kamson’s purchase of Montage marked Kislak’s 63rd transaction with them,” Wiener said. “I am extremely pleased that our team was able to help them purchase the property and complete their exchange.”
Montage at Hamilton features one- and two-bedroom units ranging from 842 to 1,279 square feet.
Michael Mann and Cynthia Anne DeLisi of Pepper Hamilton LLP represented the seller. Allen Popowitz and Jeffrey Itzkowitz of Brach Eichler LLC represented the buyer. Financing was arranged by Augustus Larson of Larson Capital LLC.