GOSHEN, NY—The Village Place at Goshen Apartments complex here has traded for $10.5 million.
The sale of the 48-unit luxury development in Orange County, NY was reported by Woodbridge, NJ-based The Kislak Company, Inc., which brokered the transaction. The identity of the buyer or the seller was not disclosed. Kislak vice presidents Janet Bortz and Daniel Lanni represented the seller. Bortz and co-managing director Jeffrey Wiener represented the purchaser. Financing was provided by Columbia Bank, Kislak states.
“The market is changing in the lower Hudson Valley with more luxury rental properties being built,” says Bortz. “Luxury living with no maintenance or real estate taxes is attractive to both young professionals as well as empty nesters. The Hudson Valley has rents of up to $2,400 per month in newer rental construction.”
Robert Holland, president and co-managing director of Kislak, says the per unit price of $218,750 is among the highest ever paid for a multifamily property in Orange County. “There is strong demand among renters for this type of quality product and there is similarly strong demand among investors to acquire this type of product,” Holland says.
Built in 2009, Village Place at Goshen Apartments features 1,300-square-foot apartments with nine-foot ceilings, hardwood flooring, granite countertops, stainless steel appliances and in-unit washers and dryers. At the time of closing, the property was 98% occupied.
Continue Reading for Free
Register and gain access to:
- Breaking commercial real estate news and analysis, on-site and via our newsletters and custom alerts
- Educational webcasts, white papers, and ebooks from industry thought leaders
- Critical coverage of the property casualty insurance and financial advisory markets on our other ALM sites, PropertyCasualty360 and ThinkAdvisor
Already have an account? Sign In Now
© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.
John Jordan
John Jordan is a veteran journalist with 36 years of print and digital media experience.
