An investor has paid more than $7.3 million for a 47-unit apartment building in Orange, CBRE said, in the largest of four newly completed transactions in Essex County.
Making a market: Developers, city officials look ahead as renters arrive in downtown Newark
A new stock of luxury, market-rate apartments is beginning to take shape in downtown Newark, where stakeholders hope to attract the type of rental population that can create a 24-hour, seven-day neighborhood that has long eluded the central business district.
Developers say they’re encouraged by the early returns, but are preparing for the market to be tested by larger-scale projects and an influx of additional units. City officials are also preparing for what could be a dramatic uptick in interest from builders — which they will have to balance with public policy goals such as expanding affordable housing for Newark residents.
Taking cues
Newark’s dedicated blue-chip employers and anchor institutions have virtually all expanded or made commitments to grow, leading to billions of dollars’ worth of new commercial development. It’s a major reason why developers believe the time is right to, once and for all, bring new market-rate apartments to Newark’s central business district.