Newark Apartment Complex On Grafton Avenue Sells For $50M

NEWARK, NJ — A 452-unit apartment complex in Newark recently sold for $50 million, according to a real estate news release.

The sale of 452 multi-family units at Forest Hill Terrace Apartments, a “critical-mass, garden-apartment” community in Newark, was finalized in late March. Kamson Corporation, the decades-long owner, sold the property to a buyer, a “private family-office entity with numerous holdings citywide,” for $50 million, according to Gebroe-Hammer Associates (GHA).

Here’s how GHA described the property:

“Located at 325 Grafton Ave., Forest Hill Terrace is nestled within the suburban tree-lined Forest Hill neighborhood of Newark’s North Ward… Comprised of 452 total units, Forest Hill Terrace features 94 studios, 297 one-bedroom and 60 two-bedroom layouts. The sale also included a four-bedroom home that is on the property. Apartment amenities consist of modern kitchens and refurbished bathrooms, air conditioning, washers/dryers, professionally landscaped courtyards and on-premises paved-surface parking and garages.”

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GHA Executive Vice President David Jarvis said that “high-density apartment properties” like Forest Hill Terrace are at the core of Newark’s recent real estate transformation.

“These types of properties present a rare investment acquisition opportunity and are therefore considered premium product among experienced multi-family investors who are familiar with the city’s past, its present and its future potential,” Jarvis said. “This property mirrors Newark’s rebirth and promise. Forest Hill Terrace is an iconic, 1940s-era property with boundless value-add potential, which is what interested the buyer, who is a long-time client of Gebroe-Hammer.”

According to Jarvis, the residential population of Newark is comprised of almost 80 percent renters. The architectural landscape of historic and modern apartment buildings account for almost the same percentage when it comes to the city’s overall building stock, he said.

“Growth and development bode well for existing apartment properties such as Forest Hill Terrace,” Jarvis added. “Even if a portion of the current tenant base finds homeownership affordable, the millennial/young professional pipeline will continue to feed demand for well-located, transit-accessible apartment rentals.”

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Photo: Gebroe-Hammer Associates