OAK BROOK, IL - Inland Real Estate Acquisitions announced that it facilitated the acquisition of Alexan Riverdale Apartments, a 212-unit multifamily property located in the Morris County, New Jersey, community of Riverdale, approximately 25 miles northwest of New York City. Joe Cosenza, vice chairman of The Inland Real Estate Group, Inc. and president of Inland Real Estate Acquisitions, facilitated the transaction on behalf of an Inland affiliate.
Located at 6000 Riverdale Road near the intersection of Interstate 287 and Route 23, the property is situated on 15 acres and was constructed in 2010. Alexan Riverdale Apartments 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. Each unit includes luxurious interiors and modern amenities, including granite countertops, gourmet kitchens, nine-foot ceilings, hardwood floors and a private balcony with select units. The property offers residents a variety of community amenities, including a resort-style swimming pool, grilling area, fire pit with lounge seating, two landscaped courtyards, a state-of-the-art fitness center with a yoga and spin studio, a lounge with billiards, a game room and a business center.
“What I really liked about this property was the quality of construction, that every unit has covered parking and the fact it is in a residential community,” said Cosenza. “The property is also conveniently located next to multiple shopping and dining amenities, and is positioned to draw residents employed in the nearby areas of Wayne, Parsippany, Morristown and Midtown Manhattan.”
As of the acquisition date, the property was approximately 98 percent leased. The property will also be renamed The Reserve at Riverdale.
To date, Inland Real Estate Acquisitions, Inc. has facilitated $44 billion of purchases including retail centers, apartments and single-tenant properties.