Cushman & Wakefield recently brokered the sale of two walk-up apartment buildings in Newark. — Courtesy: Cushman & Wakefield
By Joshua Burd
The longtime owner of two Newark apartment buildings has sold them for $4.8 million, in a 68-unit trade brokered by Cushman & Wakefield’s Metropolitan Area Capital Markets Group.
In a news release, C&W, said the offering included two three-story walk-ups built in the early 1970s, located just one block from each other. The larger of the two, 467-479 Roseville Ave., contains 46 units and totals about 37,000 square feet, while the other, 385-391 Roseville Ave., has 22 units and 17,600 square feet.
The C&W investment sales team included Brian Whitmer, Andrew Merin, David Bernhaut, Gary Gabriel, Seth Pollack and Ryan Dowd. The names of the buyer and seller were not disclosed.
“These properties drew competitive bidding from multiple interested parties,” Whitmer said. “The buyer distinguished itself by not only pushing pricing over our asking number but also limiting contingencies. As a result, the acquiring firm has added two attractive properties to its growing portfolio.”
The properties are minutes from Interstate 280 and Route 21, with NJ Transit bus service located in front of the buildings, Whitmer said. They are also convenient to neighborhood retailers and include on-site laundry and parking.
“This part of Newark is experiencing an influx of attention and investment capital,” Pollack said. “The buyer is planning to renovate the properties, which will further improve their competitive positioning.”
