![](https://www.citybiz.co/wp-content/uploads/2022/03/103.jpg)
CBRE announced today the $30 million sale of a 191-unit, two-buildingworkforce housing portfolio located in Newark, New Jersey.The CBRE Institutional Properties team of Jeffrey Dunne, Jeremy Neuer, Steve Bardsley, David Gavin, Rich Gatto, Fahri Ozturk, Travis Langer and Zach McHale represented OneWall Communities, a Stamford, CT-based apartment owner and operator,in the transaction. The CBRE team was also responsible for procuring the buyer.
The portfolio featured two apartment buildingslocated at 103 Chancellor Avenue and 25 Van Velsor Placein the Weequahic neighborhood of Newark, just minutes from the central business district. The assets were predominately comprised of 1-bedroom and 2-bedroom apartments with rents wellbelow competing properties in the market. The below market in-place rents offer aunique opportunity to implement a value-add capital improvement program up turn of the units and as a result, move rents toward market levels and enhance the tenant experience.
CBRE Vice Chairman, Mr. Jeffrey Dunne commented, “We are very pleased to have represented OneWall Communities in this sale. Thevalue-add potential of the assets drew significant interest from the investor community. The buyer thoroughly understood the portfolio’s potential from the outset and acted quickly and aggressively to secure the deal.”
The sale of 103 Chancellor Avenue and 25 Van Velsor Place comes on the heels of the team’s recent $53 million sale of OneWall Communities’ 301-unit lifestyle-workforce housing portfolio located in East Orange, NJ. Separately, the CBRE team recently sold 24 Jones, a 152-unit Class A apartment community located in the University Heights neighborhood of Newark for $36.5 million.
The CBRE Institutional Properties teamhas several other attractive investment opportunities on the market including Six Points at Bloomfield Station, a 176-unit luxury apartment community in Bloomfield, NJ whichwas built in 2020; FIVE20 Views, a 111-unit Class A apartment community with unobstructed views of the NYC skyline located in Fairview, NJ; and Colonial Gardens, a 97-unit garden style apartment community with significant upside potential in Trenton, NJ.
About CBRE Group, Inc.
CBRE Group, Inc. (NYSE:CBRE), a Fortune 500 and S&P 500 company headquartered in Dallas, is the world’s largest commercial real estate services and investment firm (based on 2021 revenue). The company has more than 105,000 employees (excluding Turner & Townsend employees) serving clients in more than 100 countries. CBRE serves a diverse range of clients with an integrated suite of services, including facilities, transaction and project management; property management; investment management; appraisal and valuation; property leasing; strategic consulting; property sales; mortgage services and development services. Please visit our website at www.cbre.com.