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| Parkwood Place Apartments, Forest Hill Neighborhood, 368 Mount Prospect Avenue Newark, NJ |
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| Jose Cruz |
FLORHAM PARK, NJ – HFF announced it has closed the $23.8
million sale of Parkwood Place Apartments, a 294-unit mid-rise apartment
community in the Forest Hill neighborhood of Newark, New Jersey.
HFF marketed the property on behalf of the seller, a joint
venture between Alex Brown Realty and Treetop Development. The buyer purchased the asset for $23.8
million or approximately $80,952 per unit.
Parkwood Place Apartments is comprised of seven six-story
buildings containing 71 studio, 147 one-bedroom and 76 two-bedroom units.
Most recently renovated between 2007 and 2014, the property
is located at 368 Mount Prospect Avenue, approximately 10 minutes from downtown
Newark and 25 minutes from Manhattan via the Holland Tunnel.
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| Andrew Scandalios |
This gated community also includes views of the New York
City skyline, covered parking and a large well-manicured central
courtyard.
The HFF investment sales team representing the seller was led
by senior managing directors Jose Cruz and Andrew Scandalios,
managing director Kevin O’Hearn and associate director Michael
Oliver.
“With this transaction, the buyer has made an excellent
investment in an asset with considerable upside in a growing market,” said
Cruz.
Alex Brown Realty, Inc. (ABR) is a privately-owned real
estate investment manager organized in 1972 and headquartered in Baltimore,
Maryland. ABR co-invests with clients
and joint venture partners in properties located throughout the United States.
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| Kevin O'Hearn |
For four decades, in
virtually all types of real estate and under widely varying economic
conditions, ABR has represented the interests of its clients, maximizing the
value of their real estate investments.
ABR is an SEC-registered investment advisor.
Treetop Development is a multi-faceted real estate company
that has earned a strong reputation for redeveloping value-driven, residential
buildings in key urban centers throughout the New York metropolitan area.
Treetop and its principals have owned and
self-managed more than 2,000 residential units in New York and New Jersey.
For a complete copy of the company’s news release, please
contact:
Olivia Hennessey
Public Relations Coordinator
HFF | 9 Greenway Plaza, Suite 700 | Houston, TX 77046
tel 713.852.3403 | fax 713.527.8725 | www.hfflp.com
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