Forest Hill Towers at 515 Mount Prospect Ave. in Newark — Courtesy: Pensam Residential
By Steve Lubetkin
A high-rise apartment complex in Newark’s Forest Hill section has changed hands for $73 million, drawing a preferred equity investment from a Miami-based multifamily owner.
The company, Pensam Residential, made the investment as part of the recent sale of the 401-unit Forest Hill Towers. A New York-based sponsor acquired the property at 515 Mount Prospect Ave., Pensam said, noting that its preferred equity investment is structured behind Fannie Mae senior financing.
“This is a generational multifamily asset in an upscale, lush pocket of the city that is known for its historic architecture and tree-lined streets,” said Noah Miller, vice president of acquisitions and finance at Pensam. “As many of the new Class A apartments in the New York-New Jersey metro area remain out of reach for the majority of the area’s workforce, we anticipate continued strong demand for assets like this that benefit from long-term, stable management, a terrific suburban-urban location and exceptional access to public transit.”
Built in 1964, Forest Hill Towers consists of studio, one- and two-bedroom apartments ranging from 600 to 900 square feet. The pet-friendly community offers on-site management, covered parking, a 24-hour door attendant, a 24-hour laundry center, high-speed internet and storage.
Forest Hill Towers is less than 20 miles from New York City, with access to a range of transit options, including commuter trains, buses, major highways and Newark International Airport.
It is a few blocks from the sprawling 360-acre Branch Brook Park. Pensam has invested in more than 2,000 units in the New York metro area.