Newark Apartments On Roseville Avenue Sell For $4.8M

NEWARK, NJ — A 68-unit Newark apartment portfolio sold for $4.8 million earlier this month, including two residential communities on Roseville Avenue, a news release stated.

According to a statement from Cushman & Wakefield – which didn’t name the seller or buyer – the properties “drew competitive bidding from multiple interested parties.”

The firm described the properties as follows:

“Built in the early 1970s, both properties are three-story walk-ups. 467-479 Roseville Avenue contains 46 units and totals approximately 37,000 square feet on 0.46 acres, while 385-391 Roseville Avenue includes 22 units and totals approximately 17,600 square feet on 0.30 acres.”

“The buyer distinguished itself by not only pushing pricing over our asking number but also limiting contingencies,” Cushman & Wakefield’s Brian Whitmer said. “As a result, the acquiring firm has added two attractive properties to its growing portfolio.”

“This part of Newark is experiencing an influx of attention and investment capital,” Seth Pollack of Metropolitan Area Capital Markets stated. “The buyer is planning to renovate the properties, which will further improve their competitive positioning.”

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Photo: Cushman & Wakefield