A Newark workforce housing portfolio comprised of two buildings and 191 units changed hands for $30 million, CBRE announced March 8.
A CBRE Institutional Properties team of Jeffrey Dunne, Jeremy Neuer, Steve Bardsley, David Gavin, Rich Gatto, Fahri Ozturk, Travis Langer and Zach McHale represented Stamford, Conn.-based apartment owner and operator OneWall Communities in the transaction, and also procured the unnamed buyer.
Located at 103 Chancellor Ave. and 25 Van Velsor Place in Newark’s Weequahic neighborhood, minutes from the city’s central business district, the assets feature predominantly one- and two-bedroom units.
“We are very pleased to have represented OneWall Communities in this sale,” said Dunne, vice chairman at CBRE, in a statement. “The value-add potential of the assets drew significant interest from the investor community.”
According to CBRE, below market rents at the buildings offer an opportunity to implement a value-add capital improvement strategy for the apartments, and as a result enhance the tenant experience while moving rents toward market levels.
“The buyer thoroughly understood the portfolio’s potential from the outset and acted quickly and aggressively to secure the deal,” Dunne added.
The CBRE Institutional Properties team also recently arranged the $53 million sale of OneWall Communities’ 301-unit housing portfolio in East Orange and, separately, the $36.5 million sale of 24 Jones, a 152-unit Class A apartment community in Newark’s University Heights neighborhood.