2C — December 23, 2022 - January 19, 2023 — Owners, Developers & Managers — M id A tlantic Real Estate Journal
www.marej.com
O wners , D evelopers & M anagers
46-unit apartment property recieves a record $318k+/unit for 1940’s vintage Hudson Atlantic Realty announces deal closing of Riverside Garden apartments for $14,650,000
RANFORD, NJ — Hudson Atlantic Re- alty has announced their latest deal, the $14.65 million sale of a 46-unit apartment property, a record $318k+/unit for 1940’s vin- tage. Located on Riverside Dr. in highly desirable Cranford, this apartment property’s transit oriented walkable downtown location coupled with its all-brick construction, garage parking and on-site laundry add to its appeal. Built in the 1940’s, the one and two-bedroom apartments are well maintained with a C
mix of hardwood flooring and tiled bathrooms. The property is within a short walk to the Cranford Train Station which offers a 44-minute commute to NYC. Adam Zweibel , managing partner at Hudson Atlantic Realty commented “we’re re- ally proud to have closed this deal at a record price of over $318k per unit for a 1940’s gar- den apartment property. Add- ing to this achievement is that there was no re-trade on price despite interest rates jumping 150 basis points during due diligence.” Jeffrey Otteau ,
Hudson Atlantic Realty inks $2.6M multifamily deal HAMBURG, NJ — Hud- son Atlantic Realty has has completed the $2.6 mil - lion sale of a 14-unit apart- ment property at $185k+/ unit. Located on King Cole Rd. in Hamburg, this 1950’s apartment property benefits from nearby highway access to employment centers. The building’s all-brick construc- tion, spacious kitchens, and basements with washer/dryer hook-ups and storage space further added to its appeal. Adam Zweibel , managing partner at Hudson Atlantic Realty commented “this sale demonstrates that deals, both small and large, can still get done in the face of elevated interest rates with effective marketing. By pre- targeting the optimal inves- tor pool for this property, we were able to close this sale in a very challenging financial environment”. Jeffrey Ot- teau , the firm’s managing broker, added “we are seeing continued interest for well- located quality assets from investors with a long-term investment horizon.” Hamburg offers residents a wide variety of recreation- al opportunities including several local parks as well as an array of golf courses, state parks and forests and the Mountain Creek Resort. Hamburg also benefits from its convenient location near to retail shopping, fast-food, restaurants and bars. Hudson Atlantic provides brokerage services to prop- erty owners, investors and developers of commercial real estate. MAREJ the firm’s managing broker added “this demonstrates that investors are still seeking to acquire prime properties in desirable locations despite the current high interest rate environment.” Cranford offers a wide range of attractions including its walkable downtown which in- cludes a vibrant mix of restau- rants, shops, and the Cranford Train Station. Cranford also contains multiple parks and is within a 10-minute drive of Union County College, RWJ University Hospital Rahway and Overlook Medical Center’s - Union Campus. MAREJ
Hudson Atlantic Realty Advisors A Commercial Real Estate Brokerage Company
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Adam Zweibel
Jeffrey Otteau
hudsonatlantic.com
732-374-9244
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