M id A tlantic Real Estate Journal — January 2024 — 11A
www.marej.com
O wners , D evelopers & M anagers
M id A tlantic Real Estate Journal — January 2024 — 11A
www.marej.com
C Susskind orchestrates sale of Grand Gardens in Jersey City totaling $2.35 Million Hudson Atlantic's Zweibel & Favorito inks sale of of 61 unit affordable housing portfolio for $5.9M
ENTRAL & NORTH- ERN NJ — Hudson Atlantic announced the successful closing of three properties in the New Jersey counties of Somerset, Mercer, and Hudson. The first two properties, known as Hillside at Mont- gomery and Springside at Robbinsville, consisting of a diverse mix of 1, 2, and 3-bed - room units, was sold for an impressive $5.9 million at a 6.5% cap rate. The Hillside included 23 units in Skillman and was constructed in 2014 in one of New Jerseys top tier school districts making it an ex - tremely attractive address for tenants. The Springside, built in 2017 has 38 units and is in the highly desirable town of Robbinsville. Adam Zweibel , co-founder and managing partner listed and marketed the portfolio while Nick Favorito iden- tified the buyer. "This was a challenging sale as the properties still had 20 years
Grand Gardens in Jersey City
impressive 4.46% cap rate when lending rates are sig- nificantly higher provides testament to Hudson Atlan- tic's unparalleled ability to identify the right target buyer pool. Susskind expressed his enthusiasm for a successful deal. "I am thrilled to have closed my first deal only eight months into the industry and to have played a key role in
its successful sale. The sup- port and mentorship from Adam Zweibel and the entire Hudson Atlantic team were instrumental in achieving this outcome," said Susskind. Grand Gardens was built in 1950 and consists of 1- and 2-bedroom apartments that have $600+ rent upside and is within walking distance to a light rail station. MAREJ
Hillside at Montgomery and Springside at Robbinsville
remaining on their income restrictions. I positioned this investment as a ‘bond’ that would mature with a 4X-Pay- off when the restrictions burn off and it reverts to market rents," said Zweibel. In a separate transaction, Hudson Atlantic announced the sale of Grand Gardens,
a 16-unit apartment build- ing for $2.35 million. Grand Gardens is in the heart of Bergen-Lafayette section of Jersey City. The property was listed, marketed, and sold by Ben Susskind , one of Hudson Atlantic’s rising stars, with support from Zweibel. The property traded at an
Grosvenor completes new athletic facility at British International School of Washington in the Georgetown area
the art, dual-use facility func- tions as both a gymnasium and auditorium and will bring athletic functions on site that previously occurred at area rec centers or other schools. Once the full redevelopment of the site is complete, the school will also receive a new play area in the plaza between the two buildings, and approxi - mately 5,700 s/f of expansion space in the ground floor of the multifamily building. The proposed multifamily building at 3300 Whitehaven will include approximately 280 units upon completion, approximately 15% of which will be affordable. The use of mass timber, a leading-edge building technology that will offer a substantial reduction in the building’s embodied carbon footprint, is also being considered for the project’s construction. MAREJ
WASHINGTON, DC — Grosvenor announced the com- pletion of a new athletic facility at the British International School of Washington (BISW) in the Georgetown area of Washington DC, located ad- jacent to the company’s new redevelopment project at 3300 Whitehaven St. Grosvenor acquired the site in 2020 with two existing build - ings in place – a Georgetown University occupied office building at 3300 Whitehaven St. and the BISW building at 2001 Wisconsin Ave. Since then, Grosvenor has launched a redevelopment plan to replace the former George- town University office with a new 280 unit class A rental apartment while preserving and enhancing the school’s ex - isting facilities. As part of the school’s upgrades, Grosvenor began building a brand new
British International School of Washington gym
athletic facility in a portion of the existing below-grade park - ing garage, located between the
school building and the new planned multifamily property. Construction on the athletic
facility began in September 2022 and is now completed and ready for use. The new state of
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