Hudson Atlantic Realty on Thursday announced its latest deal, the $14.65 million sale of a 46-unit apartment property in Cranford.
Situated on Riverside Drive, Riverside Garden’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 1940s, 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 New York City.
“We’re really proud to have closed this deal at a record price of over $318,000 per unit for a 1940s garden apartment property. Adding to this achievement is that there was no retrade on price despite interest rates jumping 150 basis points during due diligence,” Adam Zweibel, managing partner at Hudson Atlantic Realty, commented.
“This demonstrates that investors are still seeking to acquire prime properties in desirable locations despite the current high interest rate environment,” Jeffrey Otteau, the firm’s managing broker, added.
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.