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.