A Brooklyn-based landlord has sold an eight-building, 255-unit apartment portfolio in Newark for $22.2 million. — Courtesy: Alpha Realty
By Joshua Burd
An eight-building, 255-unit apartment portfolio in Newark has changed hands for more than $22 million, following an off-market transaction arranged by Alpha Realty.
The investment sales firm announced Wednesday that it represented a Brooklyn-based landlord in the sale of 624, 729, 737, 747, 773, 777 and 784 Martin Luther King Jr. Blvd., along with 92 Quitman St. A New Jersey-based multifamily owner, which Alpha Realty also represented, acquired the portfolio for $22.2 million at a cap rate of 7.7 percent.
Lev Mavashev brokered the transaction, noting that the seller is liquidating his holdings in New Jersey. The buyer is an operator that specializes in affordable housing.
“With such a favorable cap rate and price per door, this was a very attractive deal for the buyer, especially given the size and location,” Mavashev said.
Alpha Realty’s Private Capital Group, spearheaded by Alex Onishchenko, arranged an $18.5 million bridge loan to finance the transaction.
