66 North 9th St. in Newark — Courtesy: Gebroe-Hammer Associates
By Joshua Burd
Three apartment buildings with a total of 95 units in Newark have traded for a combined $6.53 million, following deals arranged by brokers with Gebroe-Hammer Associates.
The firm last week announced the sale of the three-story buildings — 385-391 and 467-479 Roseville Ave., along with 66 North 9th St. — as part of two separate transactions. David Jarvis, executive vice president and Gebroe-Hammer’s Newark and urban market specialist, represented the seller in both trades and procured the buyer of the Roseville Avenue properties.
David Oropeza, managing director with the Livingston-based brokerage, identified the buyer of the North 9th Street property.
The deals bring the firm’s recent Newark sales totals to 249 units, coming amid renewed investor interest tied to the city’s overall rebirth. Jarvis said multifamily deal flow “is intensifying citywide” following the successful revitalization of the former Hahne’s & Co. department store as a mixed-use building.
The most recent transactions, which took place in Newark’s Roseville section, come with the potential for rent growth tied to modest capital improvements.
“Its delivery to market earlier this year symbolizes progress and that the city is truly coming into its own,” Jarvis said. “This development pays tribute to Newark’s past and its future, which is why it has attracted anchor tenants like Whole Foods and Barnes & Noble — both of which have a target consumer base that fits today’s urban, mass transit-demanding renter demographic.”
Gebroe-Hammer noted that Roseville is ranked among Newark’s top 10 most expensive neighborhoods, citing NeighborhoodScout.com. The area offers a series of transit options just north of the downtown and near Branch Brook Park, established restaurants, shops and lifestyle services.
Jarvis and Senior Vice President Nicholas Nicolaou also recently represented the seller and procured the buyer for an additional 50 units at 328-330 and 336 Roseville Ave. The other transactions took place at 104 Montclair Ave. and 48 Carteret St. totaling 40 units.
“This is one of the hottest neighborhoods right now because it appeals to the Gen X, echo boomer and millennial tenant base spanning the ages of 25 to 54,” Jarvis said. “About half of the population falls into this age group, which also happens to be the backbone of the workforce.”
