Kislak arranges all-cash apartment complex sale in N.Y. for $2.82M

The Woodbridge-based Kislak Co. on Wednesday said it recently sold a 58-unit apartment complex in Elmira, New York, for $2.83 million.

Located at 1833 W. Water St., Woodland Apartments is a garden apartment complex with six buildings on 5.21 acres in west Elmira overlooking the Chemung River.

Consisting of 22 one-bedroom units and 36 two-bedroom units, apartment features include air conditioning, ceiling fans, some newly renovated interiors, oversized closets, dishwashers, refrigerators, balconies or patios and extra storage. Amenities include pet-friendly options, onsite laundry facilities, on-site management, regular and emergency maintenance and on-site resident and guest parking.

Kislak marketed the property on behalf of the seller, Resko-Phil Partnership Elmira, with Senior Vice President Daniel Lanni handling the assignment.

President Robert Holland procured the purchaser, Rodman Properties. Both parties are longtime Kislak clients and the seller previously purchased the property through Kislak.

“Kislak had the pleasure of selling this building in the early 1980s and, when the family decided it was time to sell 40 years later, they engaged Kislak,” Lanni said. “We helped them achieve the highest price from the best possible buyer, who closed with all cash.”

Holland commented: “The purchaser owns in the area already. This was a nice addition to their portfolio of approximately 7,000 units, primarily in Pennsylvania and now Elmira, New York. This is a value-add property with the opportunity to upgrade units and the exterior of the property.”