66-68 Garside St. in Newark— Courtesy: CBRE
By Joshua Burd
An alternative asset manager has sold an updated two-building, 43-unit apartment portfolio in Newark as part of a real estate owned transaction arranged by CBRE.
In a news release, the brokerage team said it represented Napier Park Global Capital in its disposition of the properties at 66-68 Garside St. and 536-540 Central Ave. It also procured the buyer, a local investor, noting that the apartments are within 1.5 miles of each other and near downtown Newark.
CBRE’s Richard Gatto, Fahri Ozturk and Zach McHale spearheaded the marketing campaign on the Manhattan-based firm’s behalf. Terms were not disclosed.
The firm added that 66-68 Garside has 20 gut-renovated apartments with 3,000 square feet of ground-floor commercial space, while 536-540 Central Ave. is being repositioned into 23 loft-style luxury rentals with 4,000 square feet of commercial space across two floors.
