Cornell Manor, an 82-unit apartment property in Camden County, was sold for $9.5 million, according to Hudson Atlantic Realty, which closed the deal earlier in July.
Constructed in 1963 and located in suburban Stratford, 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.
“Creating a seamless marketing plan that brought this deal across the finish line was important to the property owner,” Nicholas Favorito, a sales associate with Hudson Atlantic, stated.
“This sale reflects strong investor demand for existing apartment properties, which benefit from the inflationary effects on escalating construction costs,” Jeffrey Otteau, managing broker and chief economist of Hudson Atlantic, stated. “As replacement costs become more expensive, the appeal and value of in-place assets like Cornell Manor are increased.”