Sale confirms that older apartment properties provide investors with an opportunity to increase rent
Camden County, NJ — Hudson Atlantic Realty has announced its latest deal closing of an apartment property in Camden County. Cornell Manor, consisting of 82 apartment units constructed in 1963, was sold for $9.5 million in July.
Located in suburban Stratford, NJ, Cornell Manor is within close proximity to major highways and public transportation which provide easy access to regional employment centers including downtown Philadelphia.
This transaction marks the first time the property has been sold in its 59-year history. Nicholas Favorito, a sales associate with Hudson Atlantic, said that “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. We’re extremely pleased to have delivered on that expectation.” Adam Zweibel, one of the managing partners of Hudson Atlantic, added that “with a 3.2% cap-rate on current income, this sale confirms that older apartment properties like Cornell Manor provide investors with a strong opportunity to increase rents in concert with value-add improvements.”
Jeffrey Otteau, the firms managing broker and chief economist commented that “this sale reflects strong investor demand for existing apartment properties which benefit from the inflationary effects on escalating construction costs. As replacement costs become more expensive, the appeal and value of in-place assets like Cornell Manor are increased.”
This latest transaction continues Hudson Atlantic’s record-breaking sales pace in the 1st half of the year during which it brokered more than $200 Million in investment sales and 1,000 apartment units. The company credits this success to its cutting-edge market intelligence and unparalleled deal-making skills.