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| Mount Prospect Tower Apartments, 380 and 420 Mount Prospect Avenue, Forest Hill Section, Newark, NJ |
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| Jose Cruz |
FLORHAM PARK, NJ – HFF announced it has closed the sale of Mount
Prospect Towers, two 15-story multi-housing towers totaling 219 units in
Newark, New Jersey.
HFF represented the sellers, Praedium
Group and KABR Group, in this transaction.
Azure Partners purchased the asset for $24.25 million or $111,000 per
unit.
Mount
Prospect Towers is located at 380 and 420 Mount Prospect Avenue in the
Forest Hill section of Newark, and is approximately 25 minutes from
Manhattan via the Holland Tunnel.
The 96 percent
leased property is comprised of studio,
one-, two- and three-bedroom units that are undergoing renovations with updated
kitchens, baths and flooring.
Both buildings were
also recently improved with new building systems, roofs and common areas. Community amenities include 24/7 doorman
security and on-site indoor and outdoor parking.
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| Andrew Scandalios |
The
HFF investment sales team representing the sellers was led by senior managing
directors Jose Cruz and Andrew Scandalios, managing directors Kevin
O’Hearn and Jeffrey Julien and associate director Michael Oliver.
“The
properties are well positioned near local demand drivers such as Saint
Michael’s Medical Center, Newark Beth Israel Medical Center, Seton Hall and
Rutgers University,” said Cruz.
“The
Praedium Group and KABR Group have done a tremendous job in restoring and
revitalizing Mount Prospect Towers and has put Azure Partners in an exceptional
position for continued future success,” added Oliver.
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| Kevin O'Hearn |
The Praedium Group is a privately-held real estate
investment firm focusing on under-performing and under-valued assets throughout
the United States.
The Praedium Group was formed in 1991 and since inception
has completed over 350 transactions representing $9.3 billion of capital,
including 70,000 multifamily units and 43.3 million square feet of commercial
space.
Over the past 23 years, The Praedium Group has sponsored a
series of private equity funds.
The commingled funds by The Praedium Group have attracted
investors that include public and corporate pension funds, financial
institutions, insurance companies, foundations and endowments. For more information, please visit www.praediumgroup.com
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| Jeffrey Julien |
Headquartered in Ridgefield Park, NJ, the KABR Group was
founded in 2008. The first two funds
sponsored by the KABR Group raised approximately $45,000,000 each.
The initial fund was
launched at the end of 2008 as a response to the impending real estate
crisis. The KABR Group has
opportunistically acquired select real estate assets through the market cycle
bottom.
It has achieved success from its ability to identify,
purchase and manage properties from highly motivated sellers at discounts to
their intrinsic value.
KABR targets returns in excess of 18%. Unencumbered by the
typical “market peak” purchases, KABR employs a fresh balance sheet to acquire
and work through distressed, mismanaged and over-leveraged properties.
Azure Partners LLC (Azure) is a real estate private equity
firm based in New York City focused on the opportunistic acquisition and
management of real estate assets within high-growth markets in the United
States.
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| Michael Oliver |
Since its founding in 2010, Azure has acquired in excess of
$400,000,000 of real estate in the multi-family and retail sectors.
For a complete copy of the company’s news release, please
contact:
Kristen M. Murphy
Associate Director
HFF | One Post Office Square, Suite 3500 | Boston, MA 02109
Main: 617-338-0990 | Direct: 617-848-1572 | Cell:
617-543-4873 | www.hfflp.com
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