The Kislak Company Inc. announced the recent sale of Hamilton Garden Apartments, a 58-unit complex in Poughkeepsie, Dutchess County, New York, for $8.35 million.
Kislak, based in Woodbridge, marketed the property on an exclusive basis with Executive Vice President Janet Bortz handling the assignment on behalf of the seller and longtime client, Hamilton Garden Estates, LLC. She also procured the purchaser, Poughkeepsie Apartments LLC, an affiliate of another longtime client.
“This was an excellent value-add opportunity for the well-funded buyer, who is planning to undertake interior and exterior capital spending. This will result in excellent improvements and the potential to both stabilize and increase rents,” Bortz said.
The complex is on 2.55 acres within a residential neighborhood surrounded by single-family homes and nearby parks. The garden-style community consists of seven brick two-story buildings, two constructed in 1925 and five built in 1965, totaling 58 apartments with 2 studios, 31 one-bedroom units and 25 two-bedroom units.
Select units feature renovated kitchens, hardwood flooring in addition to carpeting, and either patios or private balconies. Apartments have classic ceramic bath tilework, gas heat, AC wall units and open layouts.
Community amenities include four onsite laundry rooms, 70 onsite parking spaces, and an onsite superintendent.
The property offers a walkable/bikeable residential location close to shopping and dining, and access to Amtrak Empire service and local/express trains to New York City’s Penn Station.
Poughkeepsie is home to Vassar College and Marist College and is near The Culinary Institute of America. Recreational attractions such as the Walkway Over the Hudson, the Franklin D. Roosevelt Estate and Museum, area wineries, golf courses and Hudson Valley hiking destinations are also nearby.
At closing, occupancy was about 98% and the property is not subject to rent control, offering additional upside in value and long-term returns. Legal representation for the buyer was provided by Ernest D’Agostino and counsel for the seller was provided by Joshua Herbst.
