May 9, 2017 Comments Off on Bidding War for Newark Portfolio Views: 454 New York News, Tri-State Area New York

Bidding War for Newark Portfolio

An apartment investor paid $4.8 million for two properties with a total of 68 apartments in Newark, NJ.

“These properties drew competitive bidding from multiple interested parties,” said Brian Whitmer with Cushman & Wakefield, which handled the transaction. “The buyer distinguished itself by not only pushing pricing over our asking number, but also limiting contingencies.”

Built in the early 1970s, both properties are three-story walk-ups: 467-479 Roseville Ave. features 46 apartments, while 385-391 Roseville Ave. includes 22 units.

“This part of Newark is experiencing an influx of attention and investment capital,” said Seth Pollack, also with Cushman & Wakefield. “The buyer is planning to renovate the properties, which will further improve their competitive positioning.”

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