Apollo Buys Nine Affordable Housing Properties for $43M
- Jan 28, 2008
Newark, N.J.–In an initiative to increase affordable housing opportunities in Newark, a joint venture of Apollo Real Estate Advisors and Radiant Property Management, a Newark-based real estate company, has purchased nine rental properties in the Newark area for $43 million.“We are excited to welcome Apollo Real Estate Advisors and Radiant Property Management as our newest partners in Newark’s transformation,” Mayor Cory Booker said today at a press conference announcing the acquisitions today.Most of the nine properties, totaling 724 units and nearly 575,000 sq. ft., are located primarily in the Weequahic section of Newark and the surrounding area. Apartments include studios, and one-, two- and three-bedroom units that average 800 sq. ft.“We are grateful to Apollo and Radiant for recognizing the importance of providing our residents with quality affordable housing, particularly our dedicated police officers, firefighters and public school teachers, who are the front-line warriors in our struggle to make Newark a national model for urban success,” said Mayor Booker. All apartments are energy-efficient. Apollo will provide discounts on all apartments to full-time teachers and uniformed employees of the Newark Fire and Police Departments.Apollo Partner James H. Simmons III said, “This acquisition continues our strategy of investing in and improving affordable housing opportunities in key urban markets. The portfolio represents an opportunity to provide attractive, affordable living solutions for the residents of Newark.” Apollo plans to spend approximately $7 million in renovations and capital improvements on the nine properties. Plans include upgrading common areas with new landscaping, lighting, security systems, lobby and hallway renovations, window replacements, system upgrades and façade improvements. Interior renovations will include new kitchens and bathrooms, new floors and fixtures, and painting.