Hudson Atlantic Realty sells Old Bridge portfolio for $24.5M

Jessica Perry//March 21, 2022//

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Hudson Atlantic Realty sold a two-property portfolio of Old Bridge properties Old Bridge Town Center and Geick Park Residency for $24.5 million. Pictured with the firm's managing partner, Andrew Zweibel. — Hudson Atlantic Realty sold a two-property Old Bridge portfolio comprising Old Bridge Town Center and Geick Park Residency for $24.5 million. Pictured with the firm’s managing partner, Andrew Zweibel. – HUDSON ATLANTIC REALTY

Hudson Atlantic Realty started off 2022 with four multifamily property closings, the latest a portfolio that it announced traded hands for $24.5 million.

The package consists of two properties located within a mile of each other: Old Bridge Town Center and Geick Park Residency.

The former is a mixed-use property with 27 apartments and seven commercial spaces totaling 19,000 square feet. The latter is a brand new 55+ age-restricted property with 33 units, a swimming pool, fitness center and balconies.

Neither the buyer nor seller was disclosed. The sale was announced March 14.

“Packaging multiple properties into a single transaction with both conventional and active-adult apartments, and commercial spaces requires a comprehensive marketing plan” said Adam Zweibel, managing partner at Hudson Atlantic, in a statement. “Because we were able to target the right buyer profile for this deal, the seller was able to maximize their investment return.”

Both properties offer easy accessibility to Routes 9 and 18, and the Garden State Parkway.

Zweibel, formerly of Gebroe-Hammer Associates, founded commercial real estate brokerage Hudson Atlantic Realty with Jeffrey Otteau.