150 South Harrison St. in East Orange — Courtesy: One Wall Partners
By Joshua Burd
A real estate investment firm has paid $63 million to acquire 16 apartment buildings in Essex and Hudson counties, adding more than 500 units to its northern New Jersey portfolio.
The Newark-based firm, One Wall Partners, on Thursday announced the off-market acquisition from Shapco Property Management. The portfolio includes 14 multifamily buildings in East Orange, the firm said, making it the largest property owner in the city.
The purchase also includes one building each in West New York and Jersey City. All told, One Wall Partners, or OWP, says it has invested more than $160 million in North Jersey in the past four years and now has 37 properties under ownership.
“We continue to see a supply-demand imbalance between available apartments and consumer preferences for affordability and convenience,” said Nate Kline, chief investment officer at OWP. “Residents gravitate to quality properties in dynamic neighborhoods offering walkability and transit access.
“As a result, we expect to see continued strong demand for naturally occurring affordable housing in transit-oriented locations that offer reasonable commutes to New York City and other employment centers.”
Kline said OWP has identified northern New Jersey as a geographic area the company is committed to for the long haul and that it sees continued opportunity for growing its workforce housing position in the region.
“The One Wall Partners’ team was tremendous to work with on this project,” said Peter Shapiro, founder of SPM. “They have become a solid presence in the northern New Jersey market in a niche that is vitally important to the communities they serve.
“From the negotiation to the purchase and follow-through, they have been absolute professionals every step of the way. More than 95 percent of our staff will stay on with OWP, which is significant in today’s real estate space. I wish them the very best as they continue to excel in the marketplace.”