February 27, 2017
Seven New Jersey communities of affordable rental apartments will stay affordable to low income families and seniors, thanks to a deal arranged by SVN Affordable.
A joint venture between Hudson Valley Property Group, Red Stone Companies and Wheelock Street Capital bought the seven properties, valued at $180 million, from Kline Enterprises, a second-generation, family owned organization that gathered the portfolio over many years.
The 1,009 units come with long-term contracts that provide their residents with long-term, federal, Sec. 8 rental subsidies. They will be fixed up with a long list of renovations to make the communities more energy efficient and healthy to live in. The properties are in Paterson, Orange, East Orange, Metuchen, Old Bridge, Hazlet and East Windsor.
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