Real Estate Journal — Owners, Developers & Managers — April 27 - May 10, 2018 — 3B
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M id A tlantic
O wners , D evelopers & M anagers
rvington, NJ — The Kislak Company, Inc. announced the recent sale Bortz represents seller in $6.35 million sale of Dutchess Falls Townhomes Sweetwood of Kislak brokers 7-building portfolio in Irvington, NJ for $17.8 million I
million sale of Dutchess Falls Townhomes, a 47-unit multi- family property located at 2 Wenliss Terrace, Wappingers Falls, NY. Kislak marketed with senior VP Janet Bortz , representing the seller, a New York invest- ment group, and the buyer, a large multifamily property owner with residential com- plexes in NY and NJ. “The buyers, to whom I had previously sold property, con- sistently look for well-located properties offering value in the $5 million to $25 million range,” Bortz said. “
of a seven- b u i l d i n g portfolio in I r v i n g t o n with 184 resi- dential units, six stores and one income- p r o d u c i n g antenna for $17.8 million. The prop- erties are lo- cated at 2-10 Wagner Pl.; 38-40 Ches- ter Ave.; 979- 983 Clinton A v e . ; 4 9 4 Stuyvesant
Joni Sweetwood
Seven-building portfolio in Irvington
2 Wenliss Terrace
Janet Bortz
Ave.; 780-86 Lyons Ave.; 51 Linden Ave.; and 26-28 Ches- ter Ave. Senior vice president Joni Sweetwood represented the seller and procured the pur- chaser. The sale marked both parties’ initial transaction with Kislak. Sweetwood noted the sale was reflective of the current market trend in which “owners are improving urban properties to a level that surpasses even properties in ‘high-end’ towns.” She added, “The sale moved swiftly to closing without any problems.” Uniquely, the buildings at 780-86 Lyons Ave,(aka 106 Lin- coln Pl,) and 26-28 Chester Ave, (aka 80 Welland Ave,) house 22 and 11 residential units, respectively, and each have three stores at street level. The property at 979 Clinton Ave, has 31 residential units and an income-bearing antenna on its rooftop. It is located in the heart of Irvington in one of its highest appreciating neighbor- hoods since 2000. “The properties were com- pletely renovated and include luxury units in mint condition in an urban setting,” added Sweetwood. “The purchaser plans to maintain their luxury status and increase rents as there is a strong demand for quality housing in urban areas. The result is fully-occupied properties with increasing rents.” Arbor provided financing for the portfolio in a market area where over 75% of the hous- ing is either small apartment buildings or larger apartment complexes. Kislak announced the $6.35
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