Inland Real Estate purchases apartments in New Jersey

OAK BROOK - Inland Real Estate Acquisition has acquired Alexan Riverdale Apartments, a 212-unit multifamily property in the Morris County, New Jersey, community of Riverdale, approximately 25 miles northwest of New York City.

Terms of the acquisition were not announced.

As of the acquisition date, the property was approximately 98 percent leased. The property will also be renamed The Reserve at Riverdale.

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. 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.

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.

"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."