Hudson Atlantic Realty on Monday announced it closed on Patriot Village Apartments in New Providence for $10 million.
Built in 2010, Patriot Village offers 18 luxury apartment units consisting of a mix of studios, one, two- and three-bedroom apartments. The large unit-sized apartments each have private garage parking, tenant storage and in-unit laundries.
The property is perfectly located between the towns of Summit and New Providence. With just a quick drive to either downtown full of restaurants, shops and major employers, and within a 5-minute walk to New Providence Train Station, the property is ideally adjacent to Interstates 78 and 280. Also, it is only nine minutes from the Mall at Short Hills.
Hudson Atlantic, led by Managing Partner Adam Zweibel, marketed the property, and completed the transaction.
Zweibel noted, “Even in the midst of a high interest rate environment, this transaction further proves investors are still willing to pay record prices for multifamily assets in highly desirable locations.”
