A two-building workforce housing portfolio in Newark, New Jersey, was recently sold for $30 million.
Located at 103 Chancellor Avenue and 25 Van Velsor Place in the Weequahic neighborhood of Newark, the portfolio encompassed 191 units between the two apartment buildings. The units were mostly one- and two-bedroom apartments featuring below-market rents.
The seller, OneWall Communities, a Stamford, CT-based apartment owner and operator, was represented by the CBRE Institutional Properties team of Jeffrey Dunne, Jeremy Neuer, Steve Bardsley, David Gavin, Rich Gatto, Fahri Ozturk, Travis Langer and Zach McHale in the transaction. The buyer was also procured by the CBRE team.
CBRE Vice Chairman, Mr. Jeffrey Dunne commented, “We are very pleased to have represented OneWall Communities in this sale. The value-add potential of the assets drew significant interest from the investor community. The buyer thoroughly understood the portfolio’s potential from the outset and acted quickly and aggressively to secure the deal.”