M id A tlantic Real Estate Journal — Owners, Developers & Managers — August 19 - September 15, 2022 — 3C


O wners , D evelopers & M anagers

Sale confirms that older apartment properties provide investors with an opportunity to increase rents Hudson Atlantic Realty closes sale of Stratford, NJ Apartments for $9.5 Million

C AMDEN COUNTY, NJ — Hudson Atlantic Realty has announced its latest deal closing of an apartment property in Camden County. Cornell Manor, con- sisting of 82 apartment units constructed in 1963, was sold for $9.5 million in July. Located in suburban Stratford, NJ, Cornell Manor is within close proximity to major highways and public transportation which provide easy access to regional employment centers including downtown Philadelphia. This transaction marks the first time the property has been sold in its 59-year his- tory. Nicholas Favorito , a sales associate with Hudson Atlantic, said that “creating a seamless marketing plan that brought this deal across the finish-line was important to the property owner who had built and managed this property since 1963. We’re EAST ORANGE, NJ — Hudson Atlantic Realty an- nounced its latest portfolio sale of four multifamily buildings with a combined 96 apartment units in transit oriented East Orange for $15.6 million. The four properties are located at 30 Beach St., 46 S Arlington Ave., 6 Glenwood Ave., and 363 Park Ave., and are all within a short walk to the City’s down- town and train stations. Each of the properties had recently undergone renovations. The growing appeal of East Orange is attributable to its walkable downtown setting, robust range of retail services, and accessibility with both the Brick Church and East Orange Favorable local demographics added to the desirability of this portfolio with 180,000 renter households living within a 5-mile radius of the properties. Adam Zweibel , managing partner of Hudson Atlantic explained the significance of this deal, “At a selling price of more than $162,000 per unit, this sale sets a high benchmark for the East Or- ange submarket signaling growing interest in secondary markets from both investors and tenants.” MAREJ four properties in East Orange, NJ Hudson Atlantic Realty closes $15.6 Million deal on

extremely pleased to have delivered on that expecta- tion.” Adam Zweibel , one of the managing partners of Hudson Atlantic, added that “with a 3.2% cap-rate on current income, this sale confirms that older apart- ment properties like Cornell Manor provide investors with a strong opportunity to increase rents in concert with value-add improvements.” Jeffrey Otteau , the firms managing broker and chief economist commented that “this sale reflects strong investor demand for existing apartment

properties which benefit from the inflationary effects on es - calating construction costs. As replacement costs become more expensive, the appeal and value of in-place assets like Cornell Manor are increased.” This latest transaction con- tinues Hudson Atlantic’s re- cord-breaking sales pace in the 1st half of the year during which it brokered more than $200 Million in investment sales and 1,000 apartment units. The company credits this suc- cess to its cutting-edge market intelligence and unparalleled deal-making skills. MAREJ

Adam Zweibel and Nicholas Favorito

Hudson Atlantic Realty Advisors A Commercial Real Estate Brokerage Company

Investment Sales Specialists

Cutting Edge Market Intelligence

Unparalleled Deal Making Skills

Adam Zweibel

Jeffrey Otteau



You only get to sell your property once, so choosing the right brokerage team matters

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