220 Roseville Ave. in Newark — Courtesy: Gebroe-Hammer Associates
By Joshua Burd
A private investment group has sold nearly 500 apartments in Newark’s North Ward for more than $80 million, under a deal arranged by Gebroe-Hammer Associates.
According to David Jarvis, an executive vice president with the brokerage firm, the 484-unit portfolio includes 20 low- and midrise buildings in the Roseville and Broadway neighborhoods surrounding Branch Brook Park. A private investor purchased the collection of units ranging from studios to four-bedroom homes, which are scattered across:
- 66 North 9th St. (24 units)
- 74-76 North 9th St. (22 units)
- 196-204 Roseville Ave. (37 units)
- 242-244 Roseville Ave. (32 units)
- 246-248 Roseville Ave. (17 units)
- 210-212 Roseville Ave. (17 units)
- 214-220 Roseville Ave. (53 units)
- 322-324 Park Ave. (14 units)
- 323 Park Ave. (22 units)
- 326-328 Park Ave. (9 units)
- 329-331 Park Ave. (18 units)
- 333-337 Park Ave. (23 units)
- 67-73 Lincoln Ave. (23 units)
- 103-117 Lincoln Ave. (57 units)
- 48 Carteret St. (17 units)
- 328 Roseville Ave. (18 units)
- 342 Roseville Ave. (33 units)
- 104 Montclair Ave. (23 units)
- 257 Lake St. (9 units)
- 18 Jay St. (16 units)
Jarvis, a 26-year market specialist in Newark and northern New Jersey, represented the seller after having arranged the client’s acquisition of each of the buildings over the course of 12 years. The buyer is a longtime private investment client.
“In its entirety, the Skylark-North Newark Portfolio marks the largest critical-mass multifamily portfolio trade of early-to-mid-20th-century product for the year, thus far, in Newark as well as the entire east Essex County submarket since at least 2019,” Jarvis said. “A rare critical-mass acquisition opportunity with a diverse unit mix and excellent live-work-relax locale, each of the properties aligns with the buyer’s acquisition requirements and portfolio expansion strategy in the city itself.”
In announcing the deal, Gebroe-Hammer said the properties offer quick access to mass transit options in the neighborhood. They include the Newark Light Rail, Newark Penn Station and NJ Transit bus service citywide to Hudson, Bergen and Passaic counties and to the Port Authority and George Washington Bridge bus terminals.
Jarvis added that three- and four-bedroom layouts are rare in the region, offering a distinctive option for a neighborhood that has a mix of well-established, detached single-family homes and Georgian-style mansions, plus modern high-rises offering New York City views. The North Ward, meantime, has a population density of 30,739 people per square mile, he said, boasting more people than 97 percent of the nation’s neighborhoods.
“Most of the residential real estate in this district is comprised of low-to-mid-rise renter-occupied apartment buildings that hails from the 1940s through late-1960s era,” Jarvis said. “Thanks to being one of Newark’s most-established districts, this vintage accounts for more than 80 percent of the housing inventory.”
