King Cole Apartments at 62 King Cole Road in Hamburg — Courtesy: Hudson Atlantic Realty
By Joshua Burd
An investor has purchased a 14-unit garden apartment property in Sussex County for $2.6 million, under a deal arranged by Hudson Atlantic Realty.
Located in Hamburg, the building known as King Cole Apartments benefits from its access to highways and nearby employment centers, according to the brokerage team. The firm added that the all-brick property was built in the 1950s and has spacious kitchens and basements with washer and dryer hook-ups and storage space.
“This sale demonstrates that deals, both small and large, can still get done in the face of elevated interest rates with effective marketing,” said Adam Zweibel, managing partner at Hudson Atlantic Realty in Matawan. “By pre-targeting the optimal investor pool for this property, we were able to close this sale in a very challenging financial environment.”
The sale price for the transaction at 62 King Cole Road translates to $185,000 per unit. In announcing the deal, Hudson Atlantic noted that Hamburg has a range of recreational opportunities, including several local parks as well as golf courses, state parks and forests and the Mountain Creek Resort.
“We are seeing continued interest for well-located quality assets from investors with a long-term investment horizon,” said Jeffrey Otteau, the firm’s managing broker.