HAMILTON TOWNSHIP, NJ—The Kamson Corporation, one of the largest private owners of multifamily properties in the Northeast, is acquiring Montage at Hamilton, a recently-constructed luxury active adult community in Hamilton Township, Mercer County, NJ, for $48.155 million.
The Kislak Company marketed the property on an exclusive basis on behalf of Sharbell Hamilton, an affiliate of Sharbell Development Corporation, developer of the property. Sales associate Justin Lupo represented the seller and chief operating officer Jason Pucci and senior vice president Jeffrey Wiener together represented the purchaser, an affiliate of Kamson. The purchaser completed an IRC Section 1031 Exchange with the purchase.
Montage at Hamilton was built in phases between 2008 and 2014 as an active adult luxury condominium. Following construction, the seller retained most of the units, which are operated as rentals. The sale included 166 of 179 units from the seller, six units from third parties and an agreement for the seller to construct an additional 63 units on the property for the purchaser.
“The marketing and sale of the property were complex given the various components of the transaction – the existing units, condominium structure and additional units to be built along with the purchaser's exchange,” says Lupo. “The sale demonstrated Kislak's ability to work quickly and efficiently to procure the right purchaser per the terms of our exclusive agreement with the seller. Sharbell and Kamson and their respective teams were a pleasure to deal with as we worked initially through the intricacies of contract negotiations and ultimately to closing.”
“Mercer County is a strong and growing market for multifamily properties,” says Kislak's Pucci. “This was an excellent transaction for both parties – the conclusion of a successful development for the seller and the completion of an exchange and an upgrade from an older and lesser quality 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 Montage marked Kislak's 63rd transaction with them,” says Wiener. “I am extremely pleased that our team was able to help them purchase the property and complete their exchange.”
The property's units range from 842 to 1,279-square-feet and include a mix of one- and two-bedroom floor plans and each existing unit is located in one of four three-story buildings. In-unit amenities include private balconies, a video intercom system, modern kitchens, central air, and individual laundry rooms. Residents enjoy access to a private clubhouse with many indoor and outdoor amenities including a fitness room, a multi-purpose room, outdoor pool, tennis court, and well-maintained walking and biking trails.
The seller was represented by Michael Mann and Cynthia Anne DeLisi of Pepper Hamilton, and the purchaser was represented by Allen Popowitz and Jeffrey Itzkowitz of Brach Eichler. Financing was arranged by Augustus Larson of Larson Capital.
At the time of closing, the property was fully occupied with a waiting list.
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Steve Lubetkin
Steve Lubetkin is the New Jersey and Philadelphia editor for GlobeSt.com. He is currently filling in covering Chicago and Midwest markets until a new permanent editor is named. He previously filled in covering Atlanta. Steve’s journalism background includes print and broadcast reporting for NJ news organizations. His audio and video work for GlobeSt.com has been honored by the Garden State Journalists Association, and he has also been recognized for video by the New Jersey Chapter of the Society of Professional Journalists. He has produced audio podcasts on CRE topics for the NAR Commercial Division and the CCIM Institute. Steve has also served (from August 2017 to March 2018) as national broadcast news correspondent for CEOReport.com, a news website focused on practical advice for senior executives in small- and medium-sized companies. Steve also reports on-camera and covers conferences for NJSpotlight.com, a public policy news coverage website focused on New Jersey government and industry; and for clients of StateBroadcastNews.com, a division of The Lubetkin Media Companies LLC. Steve has been the computer columnist for the Jewish Community Voice of Southern New Jersey, since 1996. Steve is co-author, with Toronto-based podcasting pioneer Donna Papacosta, of the book, The Business of Podcasting: How to Take Your Podcasting Passion from the Personal to the Professional. You can email Steve at [email protected].
