A multi-tranche multifamily portfolio sale worth $80 million was recently finalized in Newark, New Jersey.
The portfolio, known as the Skylark-North Newark Portfolio, consists of 20 buildings situated throughout the northern neighborhoods of Roseville and Broadway near Branch Brook Park. The sale encompasses 484 units, located in various low- and mid-rise buildings, with a mixture of studios, one-, two-, three-, and four-bedroom layouts.
The portfolio’s properties include 66 N. 9th St. (24 units), 74-76 N. 9th St. (22 units), 196-204 Roseville Ave. (37 units), 242-244 Roseville Ave. (32 units), 246-248 Roseville Ave. (17 units), 210-212 Roseville Ave. (17 units), 214-220 Roseville Ave. (53 units), 322-324 Park Ave. (14 units), 323 Park Ave. (22 units), 326-328 Park Ave. (9 units), 329-331 Park Ave. (18 units), 333-337 Park Ave. (23 units), 67-73 Lincoln Ave. (23 units), 103-117 Lincoln Ave. (57 units), 48 Carteret St. (17 units), 328 Roseville Avenue (18 units), 342 Roseville Avenue (33 units), 104 Montclair Ave (23 units), 257 Lake Street (9 units), and 18 Jay Street (16 units).
The properties are located near multiple transportation options, including the Newark Light Rail, commuter rail service via Newark Penn Station, and NJ Transit bus service citywide to Hudson, Bergen, and Passaic counties, as well as to Port Authority and the George Washington Bridge Bus Terminals.
This transaction was organized by Gebroe-Hammer Associates’ Executive Vice President David Jarvis who exclusively represented the seller, a private investment group, and procured the buyer, a long-time private investment client.
“In its entirety, the Skylark-North Newark Portfolio marks the largest critical-mass multifamily portfolio trade of early-to-mid-20th-Century product for the year, thus far, in Newark as well as the entire East Essex County submarket since at least 2019,” said Jarvis, who arranged the seller’s acquisition of each of the portfolio buildings over the course of 12 years. “A rare critical-mass acquisition opportunity with a diverse unit mix and excellent live/work/relax locale, each of the properties aligns with the buyer’s acquisition requirements and portfolio expansion strategy in the city itself.”