511-515 Roseville Ave. in Newark — Courtesy: Cushman & Wakefield
By Joshua Burd
A private buyer has paid more than $2.1 million for a 21-unit apartment building in Newark, under a deal arranged by Cushman & Wakefield.
Brokers with the firm represented the undisclosed seller in the transaction at 511-515 Roseville Ave., a fully leased property near the city’s Branch Brook Park. The building changed hands for $2.155 million, which equates $102,619 per unit.
C&W’s Brian Whitmer, Andrew Schwartz, Jordan Sobel and Andre Balthazard brokered the sale, touting the property’s location near the Bloomfield Avenue light rail station and dining and retail establishments in the neighborhood.
“511-515 Roseville Avenue is a well-maintained multifamily asset that presents a strong value-add opportunity for new ownership,” Schwartz said. “Value-add multifamily properties have been in high demand in northern New Jersey, a trend we expect to continue experiencing.”
