FLORHAM PARK, NJ – HFF announced today that 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. 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. 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.
HFF (Holliday Fenoglio Fowler, L.P.) and HFFS (HFF Securities L.P.) are owned by HFF, Inc. (NYSE: HF). HFF operates out of 23 offices nationwide and is a leading provider of commercial real estate and capital markets services to the U.S. commercial real estate industry. HFF together with its affiliate HFFS offer clients a fully integrated national capital markets platform including debt placement, investment sales, equity placement, advisory services, loan sales and commercial loan servicing. For more information please visit www.hfflp.com or follow HFF on Twitter @HFF.