They say there’s a first time for everything. After nearly 60 years, Cornell Manor in Camden County – a property with 82 apartment units – was sold, for the first time, this month.

Matawan-based Hudson Atlantic Realty recently announced the $9.5 million sale of the community located at 319 Columbia Ave. in Stratford.

Neither the buyer nor seller were disclosed.

Cornell Manor offers proximity to major roadways and public transportation providing easy access to employment and entertainment hubs, including Philadelphia.

According to Hudson Atlantic Sales Associate Nicholas Favorito, “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.”

Managing Partner Adam Sweibel highlighted the 3.2% cap rate, adding that the sale “confirms that older apartment properties like Cornell Manor provide investors with a strong opportunity to increase rents in concert with value-add improvements.”

According to Managing Broker and Chief Economist Jeffrey Otteau, the deal also highlights interest from investors for existing multifamily properties that “benefit from the inflationary effects on escalating construction costs.”

“As replacement costs become more expenseive, the appeal and value of in-place assets like Cornell Manor are increased,” he said.

The sale comes as Hudson Atlantic celebrates its success over the first six months of 2021, which saw the burgeoning firm – it’s been in business for a about a year – broker more than $200 million in investment sales and 1,000 apartment units.