Stamford Company Sells New Jersey Apartment Complexes; Makes $30M

STAMFORD, CT — A Stamford real estate firm has made $30 million after selling two Newark, New Jersey apartment buildings that it first acquired in 2017 and 2018, multiple news outlets have reported.

Stamford-based OneWall Communities announced the sale of 103 Chancellor Ave. and 25 Van Velsor Pl. this week, citybiz reported. The company declined to tell the Stamford Advocate who bought the properties.

Both buildings are multifamily rental properties, and they have a combined total of 191 units — the Chancellor Avenue property is six stories with 108 units, while the Van Velsor Place building is five stories with 83 units, according to citybiz.

Jersey Digs described both buildings as workforce housing, saying most of the units are one- and two-bedroom apartments that offer below-market rates.

"OneWall correctly identified long-term growth trends in the Newark market when we acquired these assets, and we are excited to continue our investment focus in suburban markets in regions with abundant employment opportunities," OneWall Partner and Chief Investment Officer Nate Kline said in a statement, as reported by the Stamford Advocate. "Shifting demographic trends have created significant opportunities for attractive real estate investment returns throughout the east coast."