Pucci & Waisbrod arrange off-market sale of 190 Apartments & 5 Retail spaces
Williamstown, NJ — The Kislak Company, Inc. announced the recent off-market sale of Laurelton Village Apartments and Woodcliff Lake Commons Apartments for $31 million. Laurelton Village is a 176-unit property at 601 North Black Horse Pike in Williamstown, Gloucester County. Woodcliff Lake Commons is a 14-unit property with five retail spaces at 62 Broadway in Woodcliff Lake, Bergen County.
Kislak arranged the off-market sale with CEO Jason Pucci representing the sellers, Laurelton Village Realty, LP and WCL Broadway Realty Associates, LLC, affiliates of longtime client The Kamson Corporation, which is one of the largest private owners of multifamily properties in the Northeast. Executive vice president Barry Waisbrod procured the purchaser, Woodcliff & Laurelton Partners, LLC.
Pucci said, “This was an extraordinary deal in that we had a short window in which to transact. Both parties and their attorneys worked quickly and well together to draft, negotiate and sign two contracts while simultaneously completing two detailed property tours in only three days, which allowed us to close two months later. The timing also enabled the seller to use one of the properties as part of an I.R.C. Section 1031 exchange.”
The sellers’ attorney was Allen Popowitz of Brach Eichler L.L.C. and the purchaser’s attorneys were Daniel Cohen and Issac Graaf of Jeffrey Zwick & Associates, P.C. Financing was arranged by IS Realty L.L.C. and provided by Trevian Capital.
Kislak previously sold Laurelton Village to the seller in 2003 and its successful relationship with Kamson has endured for more than 40 years. These sales marked the 76th and 77th sales that Kislak has handled for Kamson during that time.
Comments