B — December 6 - 19, 2013 — New Jersey — Mid Atlantic Real Estate Journal
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N ew J ersey
O O D B R I D G E , NJ — The Kislak Company, Inc. an- W VP Bortz represents purchaser in 130-unit sale Kislak completes $7.65m sale of Dutch Village Apartments
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nounced the $7.65 million sale of Dutch VillageApart- ments, a 130- unit apart- ment complex in Kingston, NY, that also includes the
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Janet Bortz
potential to develop an addi- tional ten units. Vice president Janet Bortz represented the purchaser, a long-time New Jersey-based client.
Dutch Village Apartments
“More and more of our clients are realizing the benefits of investing in the Hudson Valley, which has a strong multifam- ily market.” said Robert Hol- land , president and co-manag- ing director. “It is a growth area with an increasing tenant base. Janet has been very successful in identifying excellent oppor- tunities for clients interested in diversifying their portfolios in strong markets beyond the im- mediate New York City-north- ern New Jersey metropolitan area. Dutch Village is a perfect example” “Dutch Village presented a value-add opportunity to upgrade [the property] and in- crease rents,” said Bortz. “Our client, to whom I previously sold properties in NewYork and Pennsylvania, appreciated and will capitalize on the long-term growth potential of Kingston and the greater Hudson Valley. The area is experiencing job and population growth from residents ‘priced out’ of more costly areas in Bergen County in northern New Jersey and Rockland and Westchester Counties in New York. It offers more affordable housing with great schools in picturesque communities with easy access to major highways. Apartment owners and investors benefit from less regulation, no rent control and more attractive cap rates than in the more expen- sive counties to the south.” Marc Saidel, Esq. repre- sented the seller and Morris Silberberg, Esq. of Silber- berg & Klein, LLP in Howell, NJ represented the purchaser. Financing was provided by Oritani Bank . The sale of Dutch Village follows the $7.2 million sale of Evergreen Manor Apartments, a 112-unit complex in Middle- town in Orange County. n
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