An apartment owner has sold a five-building, 301-unit portfolio in East Orange for $53 million, under a transaction arranged by CBRE.
Reeling from new rent control laws, N.Y.C. investors set their sights on New Jersey
A landmark package of new rent control laws passed by the New York State government in mid-June appears to have kick-started a new kind of boom for the New Jersey real estate market. The laws, which dramatically strengthened tenant protections in New York City, took key steps such as repealing what was known as the vacancy bonus provision, which had allowed a property owner to raise rents as much as 20 percent each time a unit became vacant.
Healthy competition
It’s hard to believe that more than two years have passed since we launched Real Estate NJ with what I felt was a compelling cover story: Foreign investors were making a splash in New Jersey and paying impressive prices for properties across the state. That trend has seemingly slowed since then, at least when it comes to high-profile deals involving trophy properties. But the good news is that New Jersey is still drawing investors from beyond the state — whether it’s New York, Chicago or the West Coast — who are entering the market for the first time.
Investment firm has keyed on transit-centric, workforce housing in northern New Jersey
A real estate investment and management firm has quietly built a portfolio of transit-centric, workforce housing properties in northern New Jersey — with local holdings that have grown to some 40 properties with more than 2,000 apartments — and it sees a continued opportunity for expansion in the state and in the region.
