Hudson Atlantic Realty Sells Riverside Garden Apartments In Cranford, NJ For $14.65M

Hudson Atlantic Realty has announced the closing of the Riverside Garden apartments in Cranford, NJ. The 46-unit apartment property was sold for $14,650,000, with a record price of over $318k per unit. The property, located on Riverside Drive, boasts a desirable downtown location with easy access to transportation, including the Cranford Train Station.

Summary of transaction details

• Property Type: Multifamily
• Transaction Amount: $14,650,000
• Units: 46
• Price Per Unit (PPU): $318,478
• Market: Cranford, NJ
• Broker: Adam Zweibel - Hudson Atlantic

The apartment property, built in the 1940s, features one and two-bedroom units with hardwood flooring and tiled bathrooms. Its all-brick construction, garage parking, and on-site laundry facilities add to its appeal. Despite interest rates increasing during due diligence, there was no re-trade on the sale price, highlighting the strong demand for prime properties in desirable locations.

Cranford offers a range of attractions, including a walkable downtown area with various restaurants, shops, and the Cranford Train Station. The town also boasts multiple parks and is within a 10-minute drive of Union County College, RWJ University Hospital Rahway, and Overlook Medical Center's Union Campus.

To learn more about Hudson Atlantic Realty and their recent transactions, please visit their website at www.hudsonatlantic.com.