Geick Park Residency at 4143 Route 516 in Old Bridge — Courtesy: Hudson Atlantic Realty
By Joshua Burd
An investor has purchased a pair of multifamily properties in Old Bridge for nearly $25 million, in a newly announced deal by Hudson Atlantic Realty.
According to the brokerage firm, the portfolio includes the mixed-use Old Bridge Town Center property, which has 27 apartments and 19,000 square feet of commercial space. The second asset is Geick Park Residency, a new 33-unit age-restricted complex at 4143 Route 516.
The sale, which totaled $24.5 million, is among four multifamily deals this year by the new brokerage firm launched by Jeffrey Otteau and Adam Zweibel.
“Packaging multiple properties into a single transaction with both conventional and active-adult apartments, and commercial spaces requires a comprehensive marketing plan,” said Zweibel, a managing partner at Hudson Atlantic. “Because we were able to target the right buyer profile for this deal, the seller was able to maximize their investment return.”
In announcing the deals, Hudson Atlantic noted that Old Bridge Town Center has seven commercial spaces below its collection of apartments and sits near a vibrant mix of restaurants and shops. Geick Park Residency, which is about a mile away, has amenities such as a swimming pool, a fitness center and balconies aimed at drawing renters above age 55 seeking a more leisurely lifestyle.
Both are easily accessible from routes 9 and 18 and the Garden State Parkway, while they are a short drive from employment centers, colleges and hospitals.