10C — May 20 - June 16, 2022 — Owners, Developers & Managers — M id A tlantic Real Estate Journal
www.marej.com
Multifamily Development Property includes 56 residential units and one commercial unit Hudson Atlantic Realty closes sale of $13.5 Million Montclair multifamily
ONTCLAIR, NJ — Hudson Atlantic Realty announced their latest closing, a $13.5 million sale of two properties in Montclair, which included 56 residential units and 1 commercial unit. Located in a prized Transit Village at the foot of the First Watc- hung Mountain, these highly desirable brick buildings are located within a short walk to both the Walnut & Bay Street train stations. These well-maintained buildings included a desirable mix of studios, one-bedroom and M
chosen to market this prop- erty, “The seller trusted us to identify the most active and aggressive buyers so they would realize the highest sell- ing price.” There were also some challenging aspects of the deal, created by a mu- nicipal rent control ordinance first passed by the township during COVID in April 2020. Subsequently, the Montclair Property Owners Association immediately and successfully sought an injunction that pre- vented it from going into effect which, then tied the issue up in court. According to Zweibel, “Despite the uncertainty that the unresolved rent control issue created, we were able to overcome that obstacle and achieve very aggressive pric- ing on a deal that was difficult to underwrite for buyers.” These iconic walk-up build- ings, which had been owned by the seller for the past 25 years, are in what is widely considered the most coveted section of Montclair. Launched in August of 2021, Hudson Atlantic is already turning heads with its strong sale pace. Founded by Jeffrey Otteau and Adam Zweibel, Hudson Atlantic Realty was created to provide brokerage services to property owners, investors, and commercial real estate developers. MAREJ Eastern Union arranges $7.9M sale of apartment portfolio TAKOMA PARK, MD — Alex Bensahel , the direc- tor of the investment sales division for the Mid-Atlantic Group of Eastern Union , has arranged the $7.9 million sale of a 48-unit apartment port- folio in Takoma Park, a city located about six-and-a-half miles northeast of Washing- ton, DC. The Mid-Atlantic Group is based in the Bethesda, MD office of Eastern Union, a na - tional commercial real estate firm that provides both capital markets advisory services and financing services. The Takoma Park apart- ments are in a range of sizes, and also have varying bed/bath counts. The gross square foot- age across the entire portfolio is 42,557 s/f, which equates to an average size of about 887 s/f per unit. The average price per apartment is $164,584. MAREJ
two-bedroom apartments. Built in 1924, 10 Roosevelt Place consists of 14 one-bed- room, 10 two-bedroom, and 3 studio units. Just around the corner is 47 North Fullerton Ave., built in 1923, with 21 one-bedroom, 5 two-bedroom, and 3 studio apartments in addition to a commercial space. Both properties were meticulously maintained, with large unit sizes, wood flooring, tiled bathrooms, and on-site laundry. Adam Zweibel , manag- ing partner, explained why Hudson Atlantic Realty was
Adam Zweibel and Jeffrey Otteau
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
hudsonatlanticrealty.com
732-374-9244
You only get to sell your property once, so choosing the right brokerage team matters
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