The Kislak Co. on Monday said it recently sold Paltz River Apartments, a 20-unit apartment complex in Orange County, New York, for $3.475 million. The sale included land with approvals to build another 38 units. In total, the property and land encompass 6.7 acres.
Kislak marketed the property on an exclusive basis, with Executive Vice President Janet Bortz handling the assignment on behalf of the seller, Tower Paltz River 2015 LLC. Bortz also procured the purchaser, Paltz River Apts. Inc.
“The purchaser owns and has developed multifamily properties in the Orange County market. They were able to purchase the existing units with below-market rents and can add 38 units contiguous to the existing 20 units,” Bortz said.
Located at 901 Mill Place in Montgomery, the property, which was built in 1996, includes 20 fully occupied units as well as land approved for 38 additional rental units in four new buildings, which will contain 12 one-bedroom and 26 two-bedroom units with 76 surface parking spaces. The existing property consists of four one-bedroom and 16 two-bedroom units in excellent condition. The spacious units include separate dining rooms, either a balcony or patio, dishwashers and in-unit washers and dryers.
The two-story, pitched roof, garden-style apartments are surrounded by a natural woodland setting in southern Orange County near a major employment and transportation network (New York State Thruway and Interstate 84), and approximated just 40 miles outside of New Jersey.
“Montgomery is a very charming Hudson Valley town and sought after to rent or own homes. To acquire newer construction with in-place approvals for additional units was a unique and excellent opportunity,” Bortz emphasized.
Future plans for the property include updating the existing units and developing the additional units at competitive market rental rates.