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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Steve Lubetkin
Steve Lubetkin is the New Jersey and Philadelphia editor for GlobeSt.com. He is currently filling in covering Chicago and Midwest markets until a new permanent editor is named. He previously filled in covering Atlanta. Steve’s journalism background includes print and broadcast reporting for NJ news organizations. His audio and video work for GlobeSt.com has been honored by the Garden State Journalists Association, and he has also been recognized for video by the New Jersey Chapter of the Society of Professional Journalists. He has produced audio podcasts on CRE topics for the NAR Commercial Division and the CCIM Institute. Steve has also served (from August 2017 to March 2018) as national broadcast news correspondent for CEOReport.com, a news website focused on practical advice for senior executives in small- and medium-sized companies. Steve also reports on-camera and covers conferences for NJSpotlight.com, a public policy news coverage website focused on New Jersey government and industry; and for clients of StateBroadcastNews.com, a division of The Lubetkin Media Companies LLC. Steve has been the computer columnist for the Jewish Community Voice of Southern New Jersey, since 1996. Steve is co-author, with Toronto-based podcasting pioneer Donna Papacosta, of the book, The Business of Podcasting: How to Take Your Podcasting Passion from the Personal to the Professional. You can email Steve at [email protected].
