Real Estate Journal — October 16 - 29, 2015 — 3A
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M id A tlantic R eal E state J ournal Bortz and Jonas represent parties in the transaction Kislak completes $5m sale of Vassar Garden Apartments P OUGHKEEPSIE, NY — The Kislak Com- pany, Inc. announced
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the recent sale of Vassar Gar- den Apartments, a complex with 60 residential units in Poughkeepsie, for $5.05 mil- lion. The sale price per unit was among the highest in the local market at $84,000. Vice presidents Janet Bortz and Andrew Jonas represented the parties in the transaction. Vassar Garden Apartments is a 60-unit, two-story gar- den style apartment complex located in the Township of Poughkeepsie. The property includes 24 three-bedroom units, 20 two-bedroom units and 16 one-bedroom units, totaling 53,800 rentable s/f. For a decade, the Hudson Valley has been a popular alternative for New York- ers looking to escape high rents in the city’s competitive environment. While single family homes are prevalent in the local market, there is also a strong demand for apartments. Investors are also increasingly aware of and desirous of owning in the strengthening market. Bortz sold the property ten years ago and led Kislak’s re- cent efforts to market and sell
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it on an exclusive basis. Her long-term involvement and success in the market enabled her to provide the current purchaser with comprehensive market information, compa- rable sales and the property’s history. According to Bortz, the ac- tive market in the area meant that price was not a point of contention. "The property sold very close to the listing price, which demonstrates the strength of the market,” she said. “The buyer has an up- side with rental increases and possible repositioning. The property has historically been close to full occupancy over the seller’s 10-year ownership. " An important feature of the
transaction was that it was a part of an Internal Revenue Code Section 1031 tax-de- ferred exchange, which allows for deferment on the payment of capital gains taxes when the proceeds from a qualifying property sale are reinvested in the purchase of another simi- lar property. The new owner has plans for improvements on the 60-unit complex, which is just a few blocks from Vassar College in Poughkeepsie. "The buyer and seller worked together to make the transac- tion as stress-free as possible for everyone,” said Jonas. “The buyer plans to significantly upgrade the property inside and out.” n
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