Cornell Manor on Columbia Avenue in Stratford — Courtesy: Hudson Atlantic Realty
By Joshua Burd
The owner of an 82-unit apartment complex in Camden County has sold the property for the first time in its 59-year history, in a deal arranged by Hudson Atlantic Realty.
The seller, whose name was undisclosed, reaped $9.5 million in the trade of Cornell Manor on Columbia Avenue in Stratford. In announcing the deal, the brokerage team said the property is minutes from major highways and public transportation, providing easy access to regional employment centers including downtown Philadelphia.
“Creating a seamless marketing plan that brought this deal across the finish-line was important to the property owner who had built and managed this property since 1963,” said Nicholas Favorito, a sales associate with Hudson Atlantic. “We’re extremely pleased to have delivered on that expectation.”
Adam Zweibel, one Hudson Atlantic’s managing partners, added: “With a 3.2 percent cap rate on current income, this sale confirms that older apartment properties like Cornell Manor provide investors with a strong opportunity to increase rents in concert with value-add improvements.”
Jeffrey Otteau, the firm’s managing broker and chief economist, said the deal “reflects strong investor demand for existing apartment properties which benefit from the inflationary effects on escalating construction costs. As replacement costs become more expensive, the appeal and value of in-place assets like Cornell Manor are increased.”
