The Addison, located at 380 and 402 Mount Prospect Ave. in Newark — Courtesy: HFF
By Joshua Burd
A private equity firm has sold two 15-story apartment towers about 10 minutes outside downtown Newark, according to brokers with HFF who orchestrated the transaction.
The brokerage firm, which represented Azure Partners LLC in the sale, identified the property as The Addison, a 219-unit complex at 380 and 402 Mount Prospect Ave. The 99 percent occupied property is located in the city’s Forest Hill section.
Terms were not disclosed.
The HFF investment sales team representing the seller was led by Senior Managing Director Jose Cruz, Managing Director Kevin O’Hearn and directors Michael Oliver and Stephen Simonelli.
“We continue to see high demand for infill multifamily properties throughout the state with significant value,” Cruz said.
HFF said The Addison includes a mix of apartments ranging from one- to three-bedrooms. The towers are 25 minutes from the Holland Tunnel and are adjacent to a host of retail options, public transportation, a county park and major highways.
