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A 55+ adult community in Netcong has sold for the first time since its development in an off-market sale arranged by Hudson Atlantic Realty.

Sold for $10.8 million, the 38-unit Kings View Apartments located at 1 Jenny Lind St. was built in 2002. The property recently underwent renovations by the original owner/developer.

According to the announcement from the boutique investment sales firm, President Adam Zweibel and Vice President Dante Fusaro of Hudson Atlantic’s Zweibel Multifamily Group exclusively brokered the deal.

The four-story elevator mid-rise building features one- and two-bedroom layouts. Units include vinyl plank flooring, stainless steel appliances, tiled bathrooms and walk-in closets. The Jenny Lind Street property also features community amenities, such as a fitness center, resident lounge, on-site parking with garages and laundry facilities on each floor.

Kings View Apartments offers proximity to the NJ Transit rail station, a 5-minute walk away. This Morris County multifamily location “continues to drive exceptional demand,” Hudson Atlantic Realty said.

“This transaction closed at an aggressive 5.75% in-place cap rate reflecting a rare opportunity to acquire a never-before-traded, 55+ community in one of Morris County’s most commuter-convenient locations,” commented Zweibel, who has closed more than $2 billion in apartment transactions statewide, according to the Parsippany-based the firm he leads.