The Kislak Company, headquartered in Woodbridge, announced the sale of Jefferson Gardens, a 76-unit apartment complex in Monticello, Sullivan County, New York, for $3,225,000.
The transaction, which highlights the continued strength of the Northeast’s multifamily market, was orchestrated by Kislak Executive Vice President Janet Bortz. Bortz, a licensed real estate salesperson in both New Jersey and New York, exclusively marketed the property for the seller, NY Jefferson Associates, LP, and also procured the purchaser, Jefferson Gardens Apartment, LLC.
Bortz, a leading producer for Kislak who specializes in the sale of investment properties across New York’s Hudson Valley, emphasized the swift demand for the asset.
“This was a value-add deal with significant upside potential including an opportunity to raise rents with limited capital investment for a property in good condition,” Bortz said. She added that Kislak received offers above the exclusive listing price, with an offer accepted in less than two weeks of marketing the property.
The complex was sold with 100% occupancy and is not subject to rent control, creating an estimated upside potential of $100 to $150 per month across all units based on comparable area properties.
The garden-style complex, built in 1969, consists of seven buildings situated on 3.05 acres. It offers a diverse mix of units, including studios, one-bedroom, two-bedroom, and three-bedroom apartments.
Key features include original hardwood flooring in most units, gas baseboard heat, laundry rooms, and ample surface parking. The property saw significant capital improvements in 2023, including the installation of new boilers and the replacement of soffits and gutters.
While located in Monticello, New York (the county seat for Sullivan County in the Catskills region), the property’s strategic access to major arteries like New York Routes 17, 17B, I-84, and I-87 ensures connectivity throughout the Northeast, which is a core market for the New Jersey-based Kislak Company.
