menu

Grafton Avenue Apartment Complex in Newark, NJ Sold for $50 Million USD

Apr 5, 2018
by Josh Anderson

NEWARK, NJ — A 452 unit apartment complex in Newark NJ, has sold for $50 Million USD. This sale at Forest Hill  Terrace Apartments, a “critical-mass, garden-apartment” community was finalized recently. According to Gebroe-Hammer Associates, the previous owner, Kamson Corporation, sold the property to a buyer that has yet to be named, only described as a “private family-office entity with numerous holdings citywide.”

Gebroe-Hammer Associates detailed the apartment complex as such: “Located at 325 Grafton Avenue, Forest Hill Terrace is nestled within the suburban tree-lined Forest Hill neighborhood of Newark’s North Ward… Comprised of 452 total units, Forest Hill Terrace features 94 studios, 297 one-bedroom and 60 two-bedroom layouts. The sale also included a four-bedroom home that is located on the property. Apartment amenities consist of modern kitchens and refurbished bathrooms, air conditioning, washers and dryers, professionally landscaped courtyards and on-premises paved-surface parking and garages.”

Executive Vice President of Gebroe-Hammer Associates Davis Jarvis described in an interview with Patch.com  how “high-density apartment properties” like this one remain the goal of Newark’s real estate transformation. Jarvis said, “These types of properties present a rare investment acquisition opportunity and are therefore considered premium product among experienced multi-family investors who are familiar with the city’s past, its present and its future potential. This property mirrors Newark’s rebirth and promise. Forest Hill Terrace is an iconic, 1940s-era property with boundless value-add potential, which is what interested the buyer, who is a long-time client of Gebroe-Hammer.”

Approximately 80 percent of Newark’s residential population is made up of renters according to Jarvis. He also described how the architectural landscape of historic and modern apartment buildings account for almost the same percentage when it come to the city’s overall building stock. Jarvis continued, “Growth and development bode well for existing apartment properties such as Forest Hill Terrace. Even if a portion of the current tenant base finds home ownership affordable, the millennial and young professional pipeline will continue to feed demand for well-located transit-accessible apartment rentals.”

 

Sign Up For Updates:

Categories

Yes No