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GOSHEN, NY-A 140-unit rental apartment community on Woodhills Drive was sold by Home Properties Inc. of Rochester, NY to an unnamed group of Dutchess County, NY-based investors for more than $15.1 million. The Kislak Co. Inc. has brokered the sale of the Carriage Hill Apartments complex here.

Kislak VP Janet Bortz represented the buyer and VP Andrew Jonas represented the seller in the transaction. Bortz explains that the buyer closed in April 2007 on the purchase of Woodhill Fletcher, a 48-unit garden apartment complex across the street from the Carriage Hill community, in a deal worth approximately $5.3 million.

“The buyer recognized the benefits of owning a well-maintained property in an area that has enjoyed tremendous population and economic growth over the past five years,” Bortz says. “The Hudson Valley as a whole is seeing lower rents than its higher priced southern neighbors. Investors are attracted to the returns, the long-term upside in rental increases, growing number of quality tenants moving to the area and no rent control.”

The purchase of the Carriage Hill Apartments complex calculated out to approximately $108,000 per unit. The buyer, who Bortz describes as “a group of high net work individuals” purchased the Woodhill Fletcher complex more than a year ago at about $109,000 per unit from a group of Bergen County, NJ-based investors.

Bortz notes that the new owner of Carriage Hill Apartments plans to maintain the current tenancy and upgrade the exterior of the complex.

Kislak’s Jonas states that the Woodridge, NJ-based brokerage firm has a long-standing relationship with the buyer and the Home Properties REIT. The Carriage Hill transaction is the ninth completed by Kislak for Home Properties.

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