Hudson Atlantic Realty Advisors has successfully brokered the off-market sale of Kings View Apartments, a 38-unit, 55+ adult community located at 1 Jenny Lind Street in Netcong. The transaction closed at a price of $10.8 million, equating to $284,211 per unit.
The sale is notable as the first time the property has traded since its original development and construction in 2002. The deal was exclusively brokered by Adam Zweibel, president, and Dante Fusaro, vice president, of Hudson Atlantic’s Zweibel Multifamily Group.
Kings View Apartments is a four-story elevator mid-rise that was recently renovated by the original owner. The property features modern one- and two-bedroom residences with luxury finishes, including stainless steel appliances and vinyl plank flooring. Amenities include a fitness center, a resident lounge, on-site parking with garages, and laundry facilities on every floor.
The community’s irreplaceable location is a key driver of its demand, situated just a five-minute walk to Netcong Station, which offers direct NJ Transit service to Penn Station in New York City.
“This transaction closed at an aggressive 5.75% in-place cap rate reflecting a rare opportunity to acquire a never-before-traded, 55+ community in one of Morris County’s most commuter-convenient locations,” Zweibel said.
Fusaro added that after more than two decades, “the original developer recognized the ideal time to monetize their long-term hold and selected Hudson Atlantic to deliver a seamless deal execution.”
