Riverside Garden Apartments at 12 Riverside Drive in Cranford — Courtesy: Hudson Atlantic Realty
By Joshua Burd
Hudson Atlantic Realty has brokered the trade of a 46-unit garden apartment complex in Cranford, achieving a price of more than $318,000 per unit for the 1940s property.
The brokerage firm said the asset, Riverside Garden Apartments, changed hands among two undisclosed parties. The property at 12 Riverside Drive sold for $14.65 million, thanks in part to its location near Cranford’s train station and its walkable downtown, along with the complex’s garage parking and on-site laundry.
“We’re really proud to have closed this deal at a record price of over ($318,000) per unit for a 1940s garden apartment property,” said Adam Zweibel, managing partner at Matawan-based Hudson Atlantic Realty. “Adding to this achievement is that there was no re-trade on price despite interest rates jumping 150 basis points during due diligence.”
In announcing the deal, Hudson Atlantic said Riverside Garden Apartments has a mix of one- and two-bedroom apartments. Nearby is downtown Cranford with its mix of restaurants and shops, along with multiple parks, Union County College, Robert Wood Johnson University Hospital Rahway and Overlook Medical Center’s Union Campus.
Residents are also a nine-minute walk from commuter rail service to Manhattan.
“This demonstrates that investors are still seeking to acquire prime properties in desirable locations despite the current high interest rate environment,” said Jeffrey Otteau, Hudson Atlantic’s managing broker.