Hudson Atlantic arranges $20M Mercer County multifamily sale

Southside Lofts, a 64-unit Class A multifamily building in Robbinsville, recently sold for $20 million.

Commercial real estate brokerage Hudson Atlantic announced the sale July 22. Sharbell Development built the property in 2020.

Adam Zweibel, president and broker of record at Matawan-based Hudson Atlantic, exclusively represented Robbinsville-based Sharbell in the transaction. He also procured the undisclosed buyer. The closing represented a 5.7% cap rate.

Zweibel described the building as "a high-quality asset in a prime location."

"In a challenging capital market environment, it's not easy to sell negative leverage deals," he continued. "Our team's expertise and ability to identify the right buyer with a compelling reason to transact allowed us to successfully close this deal."

Located at 1 Liberty St., Southside Lofts offers luxury one- and two-bedroom apartments. The Mercer County property offers a private on-site fitness center and rooftop lounge.

Hudson Atlantic highlighted Southside Lofts' modern amenities and high-end finishes as making it an attractive investment opportunity. Nearby attractions include Grounds for Sculpture, Six Flags Great Adventure and Princeton University. Niche.com rates Robbinsville at "A+" and the No. 4 Best Places to Live in Mercer County.

As of July 2024, the average rent in Robbinsville, is $1,775 per month, according to Apartments.com . The website noted that's an 3.7% increase in the last year.

"Our ability to find the right buyer who understands the value of this property in the current market is a testament to our team's dedication and expertise," added Zweibel.

Garrett House

In June, Hudson Atlantic announced the sale of a 57-unit apartment building in Pennsylvania.

Zweibel also led that $6 million sale at a 5.75% cap rate for the Garrett House Apartments in Drexel Hill. Neither parties were disclosed.

Hudson Atlantic said the transaction is the first after the original owners' 40 years of control. The property was built in 1960 and the per unit costs works out to $105,000.

Hudson Atlantic highlighted the sale as a milestone for the Drexel Hill real estate market. The firm said it reflects the enduring appeal of well-maintained, historic properties in sought-after locations. Drexel Hill is a suburb of Philadelphia. According to Niche.com , it offers plenty of bars and parks with residents comprised of many families and young professionals.

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