Kings View Apartments at 1 Jenny Lind St. in Netcong — Courtesy: Hudson Atlantic Realty
By Joshua Burd
The builder and longtime owner of a 38-unit apartment building in Morris County has sold the property for $10.8 million, in a newly announced deal by Hudson Atlantic Realty.
According to the brokerage team, Kings View Apartments in Netcong is a senior housing community built in 2002. Its original owner and developer recently renovated the four-story building at 1 Jenny Lind St., giving way to the off-market deal with a private buyer.
Hudson Atlantic President Adam Zweibel and Vice President Dante Fusaro brokered the sale, whose price equates to $284,211 per unit.
“This transaction closed at an aggressive 5.75 percent in-place cap rate reflecting a rare opportunity to acquire a never-before-traded, 55+ community in one of Morris County’s most commuter-convenient locations,” Zweibel said.
The Parsippany-based brokerage firm noted that Kings View has a mix of luxury one- and two-bedroom apartments with amenities such as a fitness center, a resident lounge, on-site parking with garages and laundry facilities on every floor. It’s also within a five-minute walk of NJ Transit’s Netcong station, which provides direct service to New York Penn Station, driving what Hudson Atlantic described as exceptional demand from renters.
“After more than two decades of ownership, the original developer recognized the ideal time to monetize their long-term hold and selected Hudson Atlantic to deliver a seamless deal execution,” Fusaro said.
