O wners , D evelopers & M anagers
Real Estate Journal — Section B
www.marejournal.com
M id A tlantic
EWA R K , N J — CBRE’s Investment Properties team has Area’s highest price-per-unit multifamily sale in more than three years in this Corridor CBRE arranges $16.7 million eight-building portfolio in Newark, New Jersey N
same time frame. In addi- tion, the portfolio boasts the highest number of units in an acquired portfolio in those neighborhoods in more than three years. “We are proud to have been able to sell this portfolio for our client – for not only re- cord number of unit sale, but a record sale price at above market pricing for this area of Newark,” said Berger. The portfolio is situated in proximity to public trans- portation, providing service into Manhattan in only 30 minutes through local bus lines on Martin Luther King Jr. Blvd. and in 18 minutes through the PATH train from Newark Penn Station – a mere mile away. It’s situated near downtownNewark andMarket Street, in proximity to public highways such as the Garden State Parkway, Interstates 280, 78 and 95 and Rte. 1/9. n
HI-LIGHTS April 29 - May 12, 2016 CBRE’s Capital Markets Investment Properties team of Charles Berger and Mark Silverman , in NJ, and Elli Klapper , in NY, represented the seller and procured the arranged the $16.7 million sale of an eight-building multifam- ily and retail portfolio located in the Springfield/Belmont and University Heights neighbor- hoods of Newark. Specifically, the properties are located on a three block radius on Martin Luther King Blvd.
Multifamily and retail portfolio in Newark
buyer in the transaction. The portfolio comprised of 249 residential units and two re-
tail spaces sold at the highest price-per-unit recorded in those neighborhoods of New-
ark in more than three years and recorded the lowest cap rate in that area during the
Redwood Realty Advisors’ Matovski closes $9.4 million in sales during March
HASBROUCK HEIGHTS, NJ — Redwood Realty Ad- visors’ director Steven Ma- tovski has successfully com- pleted four apartment sales during March with a combined purchased price of nearly $10 million. All of the assets were located in high-demand New Jersey markets, including Bay- onne, Jersey City and Hasb- rouck Heights. “Steve has been a tremen- dous asset to the Redwood Re- alty team. He works diligently on behalf of his clients and also leverages his tremendous in- depth knowledge of the Hudson and Bergen county markets to their benefit, said Thomas McConnell, CCIM , managing partner at Redwood Realty. “I think the recent activity shows the continued strength of an investment sales market that still has plenty of room to run,” saidMatovski. “Long-time owners are taking advantage of the buyer demand to liquidate assets, while investors who are willing to roll-up their sleeves are finding buying opportuni-
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www.marejournal.com ALSO INSIDE David L. Church, CCIM.....2B Green Buildings........23-19B USGBC.............................19B IREM...........................30-31B NJAA................................32B
erty in Hasbrouck Heights, NJ with 32 apartments and 8 com- mercial spaces. Sale price: $5.4 million / Cap rate: 5.5% • Property: A mixed use asset in Bayonne, NJ that includes 8 apts. and 4 office units. Sale price: $1.75 million / Cap rate: 25 W 8th Street, Bayonne, NJ
ties with upside potential.” In addition, some sellers, such as New York-based Oval Capital Management, are doing an ex- cellent job in positioning their assets for sale, adds Matovski. The recent transactions in- cluded: • Property: A mixed-use prop-
7.7% •Property: A 3-building portfo- lio in Jersey City that includes 21 units. Sale price: $1.625 million/ Cap rate: 7.74% • Property: A 7-unit apt. in Jer- sey City, N.J. Sale price: $630k Seller: Oval Capital Manage- ment. n
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