RIVERDALE, NJ—Alexan Riverdale, a 212-unit, mid-rise apartment property in the Morris County, NJ, community of Riverdale, has been sold for an undisclosed amount to Inland Real Estate Acquisitions. The property has been owned since December 2011 by PGIM Real Estate, according to Real Capital Analytics, a proprietary property research database.
Holliday Fenoglio Fowler's investment sales team, led by senior managing director José Cruz, managing director Kevin O'Hearn and directors Stephen Simonelli and Michael Oliver, marketed the property on behalf of the seller. HFF also worked to secure acquisition financing on the new owner's behalf.
“We were thrilled to work with Joe Cosenza and the Inland acquisitions team,” says Cruz. “Inland Real Estate Acquisitions has facilitated more than $43 billion in commercial real estate across 49 states.”
Alexan Riverdale is situated on 15 acres at 6000 Riverdale Road near the intersection of Interstate 287 and Route 23, providing access to multiple shopping and dining amenities as well as local employment centers in Wayne, Parsippany, Morristown and Midtown Manhattan. Completed in 2010, the 98.6-percent-leased property features one- and two-bedroom units averaging 1,033 square feet with luxurious interiors, modern amenities and high-end construction. Community amenities include a resort-style swimming pool, grilling area, fire pit with lounge seating, two landscaped courtyards, fitness center with yoga/spin studio, lounge with billiards, game room, business center and garage parking.
RIVERDALE, NJ—Alexan Riverdale, a 212-unit, mid-rise apartment property in the Morris County, NJ, community of Riverdale, has been sold for an undisclosed amount to Inland Real Estate Acquisitions. The property has been owned since December 2011 by PGIM Real Estate, according to Real Capital Analytics, a proprietary property research database.
Holliday Fenoglio Fowler's investment sales team, led by senior managing director José Cruz, managing director Kevin O'Hearn and directors Stephen Simonelli and Michael Oliver, marketed the property on behalf of the seller. HFF also worked to secure acquisition financing on the new owner's behalf.
“We were thrilled to work with Joe Cosenza and the Inland acquisitions team,” says Cruz. “Inland Real Estate Acquisitions has facilitated more than $43 billion in commercial real estate across 49 states.”
Alexan Riverdale is situated on 15 acres at 6000 Riverdale Road near the intersection of Interstate 287 and Route 23, providing access to multiple shopping and dining amenities as well as local employment centers in Wayne, Parsippany, Morristown and Midtown Manhattan. Completed in 2010, the 98.6-percent-leased property features one- and two-bedroom units averaging 1,033 square feet with luxurious interiors, modern amenities and high-end construction. Community amenities include a resort-style swimming pool, grilling area, fire pit with lounge seating, two landscaped courtyards, fitness center with yoga/spin studio, lounge with billiards, game room, business center and garage parking.
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