Barrington Mews at 2101 Reamer Drive in Barrington — Courtesy: Hudson Atlantic Realty
By Joshua Burd
A private investor has acquired a 284-unit senior housing property in the Camden County borough of Barrington, in a newly announced deal by Hudson Atlantic Realty.
The brokerage team noted that the complex known as Barrington Mews, located at 2101 Reamer Drive, had operated as federally subsidized affordable housing since it opened in 1994. Those restrictions expired last year, while additional restrictions under the New Jersey Housing and Mortgage Finance Agency expired this past February, allowing it to transition to market-rate housing and unlock what Hudson Atlantic said was significant value.
Notably, the property is 12 miles from City Center Philadelphia and has been more than 99 percent occupied over the past 36 months, the brokerage team said. The collection of one- and two-bedroom units also has amenities such as two community rooms, three elevators, eight on-site laundry facilities and a grilling and picnic area.
Hudson Atlantic President Adam Zweibel arranged the sale, terms of which were not disclosed.
“This transaction marks a pivotal moment for Barrington Mews and underscores the growing demand for well-positioned multifamily assets with conversion affordable to market-rate potential,” Zweibel said. “The release of the low-income restrictions, combined with the property’s desirable features and strong market fundamentals, enabled us to achieve an exceptional outcome for our client.”
