3 Assets Trade in Newark
Gebroe-Hammer Associates facilitated two deals for the New Jersey properties. The three-story communities total 95 units in the Upper and Lower Roseville neighborhoods of the city.
By Dees Stribling, Contributing Editor
Investors acquired three Newark apartment properties in two recent but separate deals facilitated by Gebroe-Hammer Associates. The deals, which closed within a one-week period in May, involved 385-391 and 467-479 Roseville Ave.—which also involved Cushman & Wakefield—as well as 66 N. 9th Street.
The three three-story properties, which total 95 units in the Upper and Lower Roseville neighborhoods of the city, sold for a combined $6.5 million. The larger of the Roseville properties, 467-479 Roseville Ave., includes 46 units, while 385-391 Roseville Ave. has 22 units. 66 N. 9th Street has 27 units.
According to Gebroe-Hammer Associates Executive Vice President David Jarvis, the assets offer future rent growth potential with modest capital improvements. The Roseville properties were originally developed in the 1970s.
Also, investors are quite interested in Newark now. “Multifamily deal flow is intensifying citywide following the successful revitalization of the Hahne’s Building, a high-mixed-use project,” he said. “Its delivery to market earlier this year symbolizes that the city is truly coming into its own.”
“These properties drew competitive bidding from multiple interested parties,” noted Cushman & Wakefield’s Brian Whitmer, referring to the Roseville properties. Both the buyer and the seller were private entities.