Hudson Atlantic Realty, a real estate investment and advisory firm, has announced the successful sale of Barrington Mews, a 284-unit senior housing community in Barrington, N.J. The property, located at 2101 Reamer Drive, was sold by Adam Zweibel, president of Hudson Atlantic Realty.
Barrington Mews, originally developed in 1994 under the Section 42 Low-Income Housing Tax Credit (LIHTC) program, was released from its 30-year affordable income restriction in 2024, with additional New Jersey Housing and Mortgage Finance Agency (NJHMFA) restrictions expiring in February 2025. The transition to market-rate housing attracted strong investor interest, reflecting the property’s prime location just 12 miles from Philadelphia, a 99% historical occupancy rate over the past three years, and an array of community amenities, including two community rooms, three elevators, eight on-site laundry facilities, and a barbecue and picnic area.
“This transaction marks a pivotal moment for Barrington Mews and underscores the growing demand for well-positioned multifamily assets with affordable-to-market-rate conversion potential,” said Zweibel. “The release of low-income restrictions, combined with the property’s desirable features and strong market fundamentals, enabled us to achieve an exceptional outcome for our client.”
Barrington Mews includes a mix of one- and two-bedroom units. The sale highlights investor confidence in its future as a market-rate multifamily asset with strong income potential.
