The Kislak Company, Inc., a Woodbridge-based commercial real estate brokerage, on Wednesday announced the $8,350,000 sale of Hamilton Garden Apartments, a 58-unit multifamily community located in Poughkeepsie, New York.
The exclusive assignment was spearheaded by Kislak Executive Vice President Janet Bortz, who represented the seller, Hamilton Garden Estates, LLC, and procured the purchaser, Poughkeepsie Apartments, LLC. Both parties are long-term clients of the firm.
The property, situated on 2.55 acres at 92-96 South Hamilton Street, consists of seven brick buildings. The complex features a mix of construction styles, with two buildings dating back to 1925 and five constructed in 1965.
“This was an excellent value-add opportunity for the well-funded buyer, who is planning to undertake interior and exterior capital spending,” Bortz said. “This will result in excellent improvements and the potential to both stabilize and increase rents.”
At the time of closing, the property maintained a high occupancy rate of approximately 98%. Crucially for investors, the units are not subject to rent control, providing significant upside potential for long-term returns.
Hamilton Garden Apartments is located in a quiet residential neighborhood close to parks and single-family homes. The unit mix includes 2 studio apartments; 31 one-bedroom units; and 25 two-bedroom units.
The community offers 70 onsite parking spaces, four laundry rooms, and an onsite superintendent. The location is highly walkable and bikeable, providing easy access to local dining and the Amtrak Empire service, which connects residents to New York City’s Penn Station.
Poughkeepsie remains a strong market for multifamily investment due to its proximity to major educational and medical institutions. The area is also a hub for Hudson Valley tourism and recreation, located near the Walkway Over the Hudson, the Franklin D. Roosevelt Estate, and various local wineries.
