Hamilton Twp. adult community sold for $16.4M

A luxury active adult community in Hamilton Township has sold for $16.4 million, according to real estate firm the Kislak Co. Inc.

An affiliate of the Kamson Corp. purchased the Twin Ponds development from sellers Crestwood Ventures LLC and Crestwood Ventures II LLC. Woodbridge-based Kislak marketed the property on an exclusive basis on behalf of the sellers, and procured the buyer.

Jason Pucci, chief operating officer, and Justin Lupo, vice president, represented the parties in the transaction.

Twin Ponds is a phased development, which saw 56 units built during the first phase in 2009, then 19 units and a clubhouse built in the second phase in 2020. The buyer intends to complete construction of a third phase, with 69 units planned. Existing units are two-bedroom, two-bathroom layouts ranging from 900 to 1,125 square feet.

“The marketing and sale of the property were complex, given the various components of the transaction — the existing units and additional units to be built, along with the purchaser’s exchange,” Lupo said in a statement. “The sale demonstrated Kislak’s ability to successfully resolve many issues throughout the transaction and procure the right purchaser per the terms of our exclusive agreement with the sellers.”

The deal represents Kislak’s 65th transaction with Kamson, the firm noted.

The property was fully occupied at time of closing.

Allen Popowitz and Samantha Karni of Brach Eichler served as the purchaser’s attorneys.