 |
| Jose Cruz |
FLORHAM PARK, NJ – HFF announced today that it has closed
the sale of Gaia Park View, a 273-unit multi-housing community in East
Orange, New Jersey.
HFF marketed the property on behalf of the seller, Gaia Real
Estate Investments, LLC. SDK Apartments
purchased the asset for $39.275 million.
Gaia Park Apartments is located on a 3.82-acre site at 320
South Harrison Street in East Orange, close to the Garden State Parkway,
Interstates 78 and 280, and the New Jersey Turnpike.
 |
| Andrew Scandalios |
The 20-story
property is 98 percent leased and features studio, one-, two- and three-bedroom
units. Community amenities include a
swimming pool, fitness center and covered parking. Gaia Park Apartments is undergoing a renovation that includes
adding a West Wing build-out with seven additional units, a new office, a
larger laundry room and a community center.
The HFF investment sales team representing the seller was
led by senior managing directors Jose Cruz and Andrew Scandalios,
and directors Kevin O’Hearn and Jeffrey Julien.
“Gaia Park Apartments has an excellent location in Essex
County; it’s one of the state’s most populated counties with nearly 800,000
residents, as well as being situated in a submarket with less than six percent
vacancy,” said Cruz. “SDK purchased a
very prominent asset in the submarket”.
 |
| Kevin O'Hearn |
Gaia Real Estate Holdings, LLC is a full-service investment,
property management and brokerage company headquartered in New York, with
offices in New Jersey, Texas and Tel Aviv.
Since the early 1990's, SDK Apartments has owned, developed
and managed several office and residential projects, diversifying its portfolio
to encompass some of the most dynamic and distinguished properties in Eastern
United States, specifically in New York, New Jersey and Pennsylvania.
Contact:
Kristen M. Murphy
Associate Director
HFF | 9 Greenway Plaza, Suite 700 | Houston, TX 77046
tel 713.852.3500 | cel 617.543.4873 | fax 713.527.8725 |
www.hfflp.com
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