Cranford, NJ — Hudson Atlantic Realty has announced their latest deal, the $14.65 million sale of a 46-unit apartment property, a record $318k+/unit for 1940’s vintage. Located on Riverside Dr. in highly desirable Cranford, this apartment property’s transit oriented walkable downtown location coupled with its all-brick construction, garage parking and on-site laundry add to its appeal. Built in the 1940’s, the one and two-bedroom apartments are well maintained with a mix of hardwood flooring and tiled bathrooms. The property is within a short walk to the Cranford Train Station which offers a 44-minute commute to NYC.
Adam Zweibel, managing partner at Hudson Atlantic Realty commented “we’re really proud to have closed this deal at a record price of over $318k per unit for a 1940’s garden apartment property. Adding to this achievement is that there was no re-trade on price despite interest rates jumping 150 basis points during due diligence.” Jeffrey Otteau, the firm’s managing broker added “this demonstrates that investors are still seeking to acquire prime properties in desirable locations despite the current high interest rate environment.”
Cranford offers a wide range of attractions including its walkable downtown which includes a vibrant mix of restaurants, shops, and the Cranford Train Station. Cranford also contains multiple parks and is within a 10-minute drive of Union County College, RWJ University Hospital Rahway and Overlook Medical Center’s - Union Campus.