Kislak sells upstate NY apartment complex for $7.29M

After an exclusive marketing effort, The Kislak Co. Inc. announced the recent sale of a 48-unit apartment complex for $7.29 million.

Canterbury Apartments features 48 units situated on 5.3 acres at 52 Willow Ave. in Cornwall, N.Y. Kislak Executive Vice President Janet Bortz represented the seller – Canterbury Apartments LLC – and procured the buyer – Tower Management Service Acquisitions Inc.

According to the Woodbridge-based commercial real estate brokerage, the purchaser is a longtime client that Bortz has worked with on several other transactions.

“There are only a few rental properties in Cornwall and above average rental demand, creating a strong rental pool and demand among investors for properties,” she said in a prepared statement.

According to Bortz, the property sold at full asking price.

Canterbury Apartments was built and has been owned and managed by the same family since 1964. It was 100% occupied at the time of sale.

Kislak said there are approximately 3 acres of vacant space at Canterbury Apartments that offer the potential for future development.

“The buyers purchased the property as a value-add opportunity and will be doing significant renovations to reposition it,” Bortz said.