Kamson Corp. Sells NJ Community for $50M
Gebroe-Hammer Associates arranged the sale of Forrest Hill Terrace Apartments, a 452-unit garden-style community located in Newark.
Kamson Corp. has traded Forest Hill Terrace Apartments, a 452-unit, garden-style community in Newark, N.J., for $50 million. Gebroe-Hammer Associates represented the seller and procured the buyer, a private investor, in the transaction. Brach Eichler LLC provided legal counsel on behalf of the seller.
Located at 325 Grafton Ave., the property is in the Forrest Hill neighborhood of Newark’s North Ward, across from Branch Brook Park and within four minutes of the Branch Brook Park Light Rail Station. Built in 1949, the community comprises a mix of studio, one- and two-bedroom units, averaging 675 square feet. The units feature refurbished bathrooms, air conditioning, washers and dryers. Additional amenities include landscaped courtyards, controlled access and 625 grade-level parking spaces.
“High-density apartment properties like Forest Hill Terrace are at the core of Newark’s transformation. These types of properties present a rare investment acquisition opportunity and are therefore considered premium product among experienced multifamily investors who are familiar with the city’s past, its present and its future potential,” said Gebroe-Hammer Executive Vice President David Jarvis, in prepared remarks.
Image courtesy of Gebroe-Hammer Associates