Newark Affordable Housing Sold In South Ward, $15M Rehab Proposed

NEWARK, NJ — Radiant Property Management LLC recently acquired several hundred units of affordable housing in the City of Newark from Virginia-based Realty Management Associates: Pueblo City, Center City 3 and Johnson Apartments.

Radiant Property Management plans to undertake a $15 million renovation of 209 units of affordable housing at the properties, pending city approval. The proposed transformation will be completed in five phases over 18 months, according to a statement from the company, which announced the deal earlier this month.

KeyBank provided a $22.9 million loan to acquire and rehabilitate a portfolio of 13 buildings. The financing included $10.8 million ($51,574 per unit) that will be used for capital improvements for unit interior upgrades including new windows, roofs, building systems, lighting, boilers/heaters, and ground-up construction for a new 20-unit building, Radiant Property Management stated.

“The South Ward is fortunate to have found a partner in Radiant who is undertaking the renovation of these long-neglected properties” South Ward Councilman John Sharpe James said.

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Photo: 20-30 Astor Street, Newark (Radiant Property Management)