CBRE announced today the $30 million sale of a 191-unit, two-building workforce housing portfolio located in Newark, New Jersey.
The portfolio featured two apartment buildings located at 103 Chancellor Avenue and 25 Van Velsor Place in the Weequahic neighborhood of Newark, just minutes from the central business district. The assets were predominantly 1-bedroom and 2-bedroom apartments with rents well below competing properties in the market. The below market in-place rents offer a unique opportunity to implement a value-add capital improvement program up turn of the units and as a result, move rents toward market levels and enhance the tenant experience.
The CBRE Institutional Properties team of Jeffrey Dunne, Jeremy NCBRE euer, Steve Bardsley, David Gavin, Rich Gatto, Fahri Ozturk, Travis Langer and Zach McHale represented OneWall Communities, a Stamford, CT-based apartment owner and operator, in the transaction. The CBRE team was also responsible for procuring the buyer.
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