Alexan Riverdale at 6000 Riverdale Road in Parsippany — Courtesy: HFF
By Joshua Burd
An investment group has acquired a 212-unit, midrise apartment property in Riverdale, in a deal arranged by brokers with HFF.
In a news release, HFF said it marketed the property known as Alexan Riverdale on behalf of the seller, a global real estate investment manager. Inland Real Estate Acquisitions Inc. “facilitated the purchase of the community,” the firm said, while not disclosing terms of the sale.
HFF also worked to secure acquisition financing on the new owner’s behalf.
The HFF investment sales team representing the seller was led by Senior Managing Director Jose Cruz, Managing Director Kevin O’Hearn and directors Stephen Simonelli and Michael Oliver.
“We were thrilled to work with Joe Cosenza and the Inland acquisitions team,” Cruz said in a prepared statement. “Inland Real Estate Acquisitions has facilitated more than $43 billion in commercial real estate across 49 states.”
Alexan Riverdale sits on 15 acres at 6000 Riverdale Road, near the intersection of Interstate 287 and Route 23, the news release said. The six-year-old community is 98.6 percent leased.
The location provides access to multiple shopping and dining options and local employment centers in Wayne, Parsippany, Morristown and Midtown Manhattan, HFF said. It has amenities such as a resort-style swimming pool, grilling area, fire pit with lounge seating and fitness center.