Kislak VP Janet Bortz represented the buyer and VP Andrew Jonasrepresented the seller in the transaction. Bortz explains that thebuyer closed in April 2007 on the purchase of Woodhill Fletcher, a48-unit garden apartment complex across the street from theCarriage Hill community, in a deal worth approximately $5.3million.

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"The buyer recognized the benefits of owning a well-maintainedproperty in an area that has enjoyed tremendous population andeconomic growth over the past five years," Bortz says. "The HudsonValley as a whole is seeing lower rents than its higher pricedsouthern neighbors. Investors are attracted to the returns, thelong-term upside in rental increases, growing number of qualitytenants moving to the area and no rent control."

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The purchase of the Carriage Hill Apartments complex calculatedout to approximately $108,000 per unit. The buyer, who Bortzdescribes as "a group of high net work individuals" purchased theWoodhill Fletcher complex more than a year ago at about $109,000per unit from a group of Bergen County, NJ-based investors.

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Bortz notes that the new owner of Carriage Hill Apartments plansto maintain the current tenancy and upgrade the exterior of thecomplex.

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Kislak's Jonas states that the Woodridge, NJ-based brokeragefirm has a long-standing relationship with the buyer and the HomeProperties REIT. The Carriage Hill transaction is the ninthcompleted by Kislak for Home Properties.

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John Jordan

John Jordan is a veteran journalist with 36 years of print and digital media experience.