103 Chancellor Ave. in Newark — Courtesy: OneWall Communities
By Joshua Burd
Workforce housing investor OneWall Communities has sold a 191-unit multifamily portfolio in Newark for $30 million, according to the firm and brokers with CBRE.
The transaction, which includes apartments at 103 Chancellor Ave. and 25 Van Velsor Place, follows a series of common area improvements, physical plant upgrades and in-unit renovations at the buildings. An undisclosed buyer purchased the market-rate portfolio, in a deal that follows OneWall’s purchase of the properties in 2017 and 2018.
“OneWall correctly identified long-term growth trends in the Newark market when we acquired these assets, and we are excited to continue our investment focus in suburban markets in regions with abundant employment opportunities,” said Nate Kline, a partner and chief investment officer with the Stamford, Connecticut-based firm. “Shifting demographic trends have created significant opportunities for attractive real estate investment returns throughout the East Coast.”
CBRE’s Jeffrey Dunne, Jeremy Neuer, Steve Bardsley, David Gavin, Rich Gatto, Fahri Ozturk, Travis Langer and Zach McHale represented OneWall in the deal. The team also represented the operator in a recent $53 million sale of 301 units in East Orange.
“We are very pleased to have represented OneWall Communities in this sale,” said Dunne, a vice chairman with CBRE. “The value-add potential of the assets drew significant interest from the investor community. The buyer thoroughly understood the portfolio’s potential from the outset and acted quickly and aggressively to secure the deal.”
Located in Newark’s Weequahic neighborhood, the properties sit between Interstate 78 and Route 22, minutes from the city’s downtown, mass transit and employment centers. The assets are largely comprised of one- and two-bedroom apartments with rents well below competing properties in the market, OneWall said, providing upside potential for the buyer.
The firm noted that 103 Chancellor Ave. is six stories with 108 units, while 25 Van Velsor Place is five stories with 83 units.
The deal follows other recent transactions by OneWall, including multiple acquisitions in Maryland in addition to the recent East Orange portfolio sale.
