Hamilton Twp., NJ — The Kislak Company, Inc. announced the recent sale of Twin Ponds, a luxury active adult community in Hamilton Twp., Mercer County, for $16.4 million.
Kislak marketed the property on an exclusive basis on behalf of the sellers, Crestwood Ventures LLC and Crestwood Ventures II LLC, and procured the purchaser, an affiliate of The Kamson Corporation, which is one of the largest private owners of multifamily properties in the Northeast. Vice president Justin Lupo and chief operating officer Jason Pucci together represented the parties in the transaction.
Twin Ponds is a phased development. The first phase with 56 units was completed in 2009. The second phase with 19 units and a clubhouse was completed in 2020. The purchaser intends to construct the third phase with 69 units planned.
“The marketing and sale of the property were complex given the various components of the transaction – the existing units and additional units to be built along with the purchaser’s exchange,” said Lupo. “The sale demonstrated Kislak's ability to successfully resolve many issues throughout the transaction and procure the right purchaser per the terms of our exclusive agreement with the sellers.”
“Mercer County is a strong and growing market for multifamily properties,” said Pucci. “This was an excellent transaction for both parties – the conclusion of a successful development for the sellers and the partial completion of an exchange and an upgrade from an older lesser quality out-of-state property to a luxury one for the purchaser. Our team did an excellent job arranging the sale and helping to ensure a successful closing.”
Kamson’s purchase of Twin Ponds marked Kislak’s 65th transaction with them.