Northern NJ Apartments Trade Hands
- Nov 15, 2016
Morris County, N.J.—Alexan Riverdale, a 212-unit apartment community in Morris County, N.J., has been sold. HFF marketed the property on behalf of the seller, a global real estate investment manager, while Inland Real Estate Acquisitions Inc. facilitated the deal on behalf of an unspecified client. Also, HFF secured acquisition financing on the new owner’s behalf.
As of the acquisition, the property was a bit more than 98 percent leased. The community will be renamed The Reserve at Riverdale by the new owners, according to Inland Real Estate Acquisitions.
The property is on 15 acres at 6000 Riverdale Road near the intersection of I-287 and New Jersey Route 23. Morris County is in north-central New Jersey, about 25 miles west of New York City.
Completed in 2010, the property consists of two four-story buildings featuring 77 one-bedroom and 135 two-bedroom units, a two-story clubhouse, 243 underground parking garage spaces and 170 outdoor surface spaces. Units feature nine-foot ceilings, hardwood floors and private balconies in some cases.
Common amenities include a resort-style swimming pool, grilling area, fire pit with lounge seating and two landscaped courtyards. The property also features a fitness center with a yoga and spin studio, a lounge with billiards, a game room and a business center.