Over the past couple of weeks, Hudson Atlantic Realty announced the sales of two apartment complexes for a cumulative $17.25 million.
In Hamburg, the Matawan-based commercial real estate brokerage sold a 14-unit property located on King Cole Road, while in Cranford it negotiated a deal for the 46-unit Riverside Garden apartments.
Located on Riverside Drive in the Union County municipality’s walkable and transit-oriented downtown, Hudson Atlantic said the Riverside Garden apartments sale price of $14.65 million works out to more than $318,000 per unit – a record for the 1940s vintage.
Managing Partner Adam Zweilbel said the firm was proud to have secured the notable rate. “Adding to this achievement is that there was no re-trade on price despite interest rates jumping 150 basis points during due diligence,” he commented in a statement.
The all-brick construction offers one- and two-bedroom units in addition to garage parking and on-site laundry. The Cranford Train Station – and its 44-minute trip to New York City – is within walking distance.
According to Managing Broker Jeffrey Otteau, the Cranford sale “demonstrates that investors are still seeking to acquire prime properties in desirable locations despite the current high interest rate environment.”
In Sussex County, Hudson Atlantic announced Dec. 2 it arranged the sale of a 1950s apartment property located on King Cole Road for $2.6 million, or over $185,000 per unit.
The firm highlighted the complex’s all-brick construction, roomy kitchens and basements with laundry hook-ups and storage as part of its appeal. Additionally, the community offers nearby highway access to regional employment centers – and Mountain Creek Resort.
“This sale demonstrates that deals, both small and large, can still get done in the face of elevated interest rates with effective marketing,” Zweibel said. “By pre-targeting the optimal investor pool for this property, we were able to close this sale in a very challenging financial environment.”
Otteau added that the right properties still have appeal.
“We are seeing continued interest for well-located quality assets from investors with a long-term investment horizon,” he said.
Sales Associate Nick Favorito also helped to close the deal.