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319 Columbia Avenue
SOLD

Hudson Atlantic Realty Facilitates $9.5M Sale Of Stratford Multifamily Property

319 Columbia Avenue

52,460 SF
clock iconSold 1 year ago
Nicholas Favorito
Adam Zweibel
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Summary

Sale
NEW JERSEY
52,460 sqft

Cornell Manor, a multifamily property located at 319 Columbia Ave in Stratford, NJ, has been sold in a transaction brokered by Hudson Atlantic Realty. The property consists of 82 apartment units and spans 52,460 square feet. The sale price for Cornell Manor was $9,500,000, resulting in a per unit price of $115,854 and a price per square foot of $181.

Summary of transation details

  • Property Type: Multifamily
  • Transaction Amount: $9,500,000
  • Units: 82
  • Price per Unit: $115,854
  • Square Footage: 52,460
  • Price per Square Foot: $181
  • Address: 319 Columbia Ave, Stratford, NJ
  • Market: Stratford

Hudson Atlantic Realty, represented by Adam Zweibel of Hudson Atlantic Realty, facilitated the deal between the buyer, Blue Diamond Equities, and the seller, Stan Meltzer. This transaction marked the first time that Cornell Manor had been sold in its 59-year history. Nicholas Favorito, a Sales Associate with Hudson, highlighted the importance of a seamless marketing plan in closing the deal. Adam Zweibel, one of the managing partners of Hudson Atlantic Realty, emphasized the potential for value-add improvements and rent increases for older apartment properties like Cornell Manor.

Jeffrey Otteau, the chief economist and broker at Hudson Atlantic Realty, noted the strong investor demand for existing apartment properties due to the inflationary effects on construction costs. Hudson Atlantic Realty has experienced a record-breaking sales pace in the first half of the year, with over $200 million in investment sales. The company attributes its success to cutting-edge market intelligence and unparalleled deal-making skills.

For more information about Hudson Atlantic Realty, visit their website at www.hudsonatlanticrealty.com.

Players

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    3

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Nicholas Favorito's profile picture
Nicholas Favorito
Hudson Atlantic Realty-image
Associate
$44.4M Sold
Adam Zweibel's profile picture

Details

Deal Summary
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SOLD
IMAGE: Adam Zweibel & Nicholas Favorito DATE: 06/16/2022 ADDRESS: 319 Columbia Ave MARKET: Stratford ASSET TYPE: Multifamily BUYER: Blue Diamond Equities SELLER: Stan Meltzer BROKER: Adam Zweibel (@AdamZweibel) - Hudson Atlantic Realty (@HudsonAtlanticRealty) SALE PRICE: $9,500,000 UNITS: 82 ~ PPU: $115,854 SF: 52,460 ~ PPSF: $181 NOTE FROM BROKER: Deal Closing of Stratford, NJ Apartments for $9.5.5 Million Made by Hudson Atlantic Realty Hudson Atlantic Realty announced its latest deal closing of an apartment property in Camden County, New Jersey. Cornell Manor, consisting of 82 apartment units constructed in 1963, was sold for $9,500,000. Located in Stratford, NJ, Cornell Manor is close to major highways and public transportation which provide easy access to 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, stated 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.” 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 firm’s chief economist and broker, said that “This sale reflects strong investor demand for existing apartment properties which benefit from the inflationary effects on escalating construction costs.” This latest transaction continues Hudson Atlantic’s record-breaking sales pace in the 1 st half of the year during which it brokered more than $200 Million in investment sales. The company credits its cutting-edge market intelligence and unparalleled deal-making skills for their success. To learn more about Hudson Atlantic Realty, visit their website at www.hudsonatlanticrealty.com.

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Address319 Columbia Avenue

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