Real Estate

Newark's $16.7M Real Estate Deal: Springfield/Belmont, University Heights

The properties reportedly sold at the "highest price-per-unit recorded in those neighborhoods of Newark in more than three years."

Newark, NJ – A $16.7 million real estate portfolio of multi-family homes and retail properties has sold in Newark.

CBRE’s Investment Properties team announced last week that it has arranged the $16.7 million sale of an eight-building multifamily and retail portfolio located in the Springfield/Belmont and University Heights neighborhoods of Newark.

The properties are located on a three block radius on Martin Luther King Boulevard, a company news release stated.

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The portfolio – comprised of 249 residential units and two retail spaces – sold at the “highest price-per-unit recorded in those neighborhoods of Newark in more than three years,” and “recorded the lowest cap rate in that area during the same timeframe,” company spokespeople claimed.

In addition, the portfolio boasts the “highest number of units in an acquired portfolio in those neighborhoods in more than three years,” a release stated.

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The buyer intends to upgrade the portfolio’s residential units and “add a number of sought-after amenities” in an effort to cater to “young professionals” working in the area, CBRE stated.

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Photo via beckerman

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