Woodbridge-based The Kislak Co. Inc. announced Friday it has recently sold a 192-unit multifamily property in Orange County, New York, for $19 million.
The sale was comprised of the Southgate Village Apartments located at 2300 Vails Gate Heights Drive in New Windsor, the commercial real estate brokerage said.
Kislak said it exclusively marketed the property with Janet Bortz, senior vice president, handling the assignment on behalf of the seller, New Windsor Properties LLC. Bortz also procured the buyer, South Gate Village LLC, an affiliate of JP Management.
“This is a true value-add opportunity with strong rent growth potential in an expanding market,” Bortz said. “The sellers were longtime owners of the property, which is consistently fully-occupied with tenants paying below market rents. The purchaser is embarking on a renovation and capital improvement plan to significantly improve the property.”
The property includes 10 three-story buildings located on 10 acres. The units are a mix of 32 studios, 56 one-bedrooms and 104 two-bedrooms with 180,000 total rentable square footage.