Woodbridge-based The Kislak Company this week announced it closed on the off-market sale of Laurelton Village Apartments and Woodcliff Lake Commons Apartments for $31,000,000.
Laurelton Village is a 176-unit property at 601 North Black Horse Pike in Williamstown, Gloucester County, and Woodcliff Lake Commons is a 14-unit property with five retail spaces at 62 Broadway in Woodcliff Lake, Bergen County.
Kislak arranged the off-market sale with CEO Jason Pucci representing the sellers, Laurelton Village Realty, L.P. and W.C.L. Broadway Realty Associates, L.L.C., affiliates of longtime client The Kamson Corporation, which is one of the largest private owners of multifamily properties in the Northeast.
Executive vice president Barry Waisbrod procured the purchaser, Woodcliff & Laurelton Partners, L.L.C.
“This was an extraordinary deal in that we had a short window in which to transact. Both parties and their attorneys worked quickly and well together to draft, negotiate and sign two contracts while simultaneously completing two detailed properties in only three days, which allowed us to close two months later. The timing also enabled the seller to use one of the properties as part of an I.R.C. Section 1031 exchange,” Pucci said.
“The purchaser’s acquisition of Laurelton Village enabled them to increase their holdings in the local market while entering the strong Bergen County market for the first time through their acquisition of Woodcliff Lake Commons. I expect they will do well with both properties,” Waisbrod added.
Built in 1970, Laurelton Village is a two-story brick garden apartment community with 176 two-bedroom units situated in 14 buildings on over nine acres. The property has many recent improvements including new exteriors, windows, and kitchen cabinets. Community amenities include laundry facilities, a pool, playground, and ample on-site parking. Apartment amenities include modern kitchens, high speed internet access, air conditioning and ceiling fans.
The property is located in Williamstown close to the Deptford Mall, Routes 168, 42, I-295 and the New Jersey Turnpike approximately 23 miles southeast of Philadelphia. Built in 2019, Woodcliff Lake Commons is a three-story luxury apartment building with five retail spaces in desirable Woodcliff Lake.
The property includes a private lobby entrance with package and elevator service, spacious units with gourmet kitchens and modern bathrooms, in-unit laundry facilities, and on-site assigned parking. The local train station is a 10-minute walk from the property and runs on the Pascack Valley line with service to New York Penn Station.
The sellers’ attorney was Allen Popowitz of Brach Eichler L.L.C. and the purchaser’s attorneys were Daniel Cohen and Issac Graaf of Jeffrey Zwick & Associates, P.C. Financing was arranged by IS Realty L.L.C. and provided by Trevian Capital.
Kislak previously sold Laurelton Village to the seller in 2003 and its successful relationship with Kamson has endured for more than 40 years. These sales marked the 76th and 77th sales that Kislak has handled for Kamson during that time.
