Investor Buys 20 Apartment Buildings In Newark’s North Ward

NEWARK, NJ — A private investor recently bought a stretch of 20 apartment buildings in the North Ward of Newark near Branch Brook Park for more than $80 million, a Livingston-based real estate firm says.

The unnamed seller, “a private investment group,” has parted with a multi-tranche, multi-family portfolio of properties that include a total of 484 residential units, Gebroe-Hammer Associates said.

The buyer also wasn’t identified in a news release about the transaction.

Comprised of 20 “classic, low- and midrise buildings,” the Skylark-North Newark Portfolio properties are located throughout the Roseville and Broadway neighborhoods.

They include 66 N. 9th St. (24 units), 74-76 N. 9th St. (22 units), 196-204 Roseville Ave. (37 units), 242-244 Roseville Ave. (32 units), 246-248 Roseville Ave. (17 units), 210-212 Roseville Ave. (17 units), 214-220 Roseville Ave. (53 units), 322-324 Park Ave. (14 units), 323 Park Ave. (22 units), 326-328 Park Ave. (9 units), 329-331 Park Ave. (18 units), 333-337 Park Ave. (23 units), 67-73 Lincoln Ave. (23 units), 103-117 Lincoln Ave. (57 units), 48 Carteret St. (17 units), 328 Roseville Avenue (18 units), 342 Roseville Avenue (33 units), 104 Montclair Ave (23 units), 257 Lake Street (9 units) and 18 Jay Street (16 units).

“Most of the residential real estate in this district is comprised of low-to-mid-rise renter-occupied apartment buildings that hails from the 1940s through late-1960s era,” Gebroe-Hammer Associates Executive Vice President David Jarvis said.

“Thanks to being one of Newark’s most-established districts, this vintage accounts for more than 80 percent of the housing inventory,” said Jarvis, who arranged the seller’s acquisition of each of the portfolio buildings over the course of 12 years.

According to Jarvis:

“In its entirety, the Skylark-North Newark Portfolio marks the largest critical-mass multifamily portfolio trade of early-to-mid-20th-century product for the year, thus far, in Newark as well as the entire East Essex County submarket since at least 2019.”

Jarvis said each of the properties aligns with the buyer’s “acquisition requirements and portfolio expansion strategy in the city itself.”

With a population density of 30,739 people per square mile, the North Ward has more people than 97 percent of the nation’s neighborhoods, Gebroe-Hammer Associates said.

Send local news tips and correction requests to eric.kiefer@patch.com. Learn more about posting announcements or events to your local Patch site. Don’t forget to visit the Patch Newark Facebook page.