Kislak completes $5m sale of Vassar Garden Apartments

POUGHKEEPSIE, NY — The Kislak Company, Inc. announced the recent sale of Vassar Garden Apartments, a complex with 60 residential units in Poughkeepsie, for $5.05 million. 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 garden 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 Yorkers 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 recent efforts to market and sell 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, comparable sales and the property’s history. According to Bortz, the active 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 upside 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-deferred 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 similar 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 transaction as stress-free as possible for everyone,” said Jonas. “The buyer plans to significantly upgrade the property inside and out.”

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