OneWall Partners, an owner and manager of transit-oriented workforce housing, has completed the $72 million sale of a portfolio of 641 apartment units across seven buildings in Newark and Irvington, New Jersey.
OneWall purchased the transit-oriented, workforce housing assets from a real estate private equity firm in October 2016 for $36.7 million.
The group said it increased the value of the assets through in-house management, leasing performance while sustaining affordable rent growth and strategic capital improvements and renovations.
The properties, which have continued to perform throughout the COVID crisis, were sold to an undisclosed investment group.
“This sale highlights the enduring appeal
of workforce housing in the northeast as well as the continuing flight of
capital out of New York City and other real estate asset classes into
suburban multifamily,” said Nate Kline, partner with OneWall Partners. “We
anticipate that the transit and lifestyle-oriented housing we target in the
northeast will continue to outperform other markets and asset classes on a
OneWall invests in walkable, transit-oriented urban communities and lifestyle-oriented suburban communities with value-add potential and close proximity to major employment centers that contain unaffordable housing. The submarkets the company targets are typically less competitive, undervalued secondary markets close to more competitive, high-priced markets. The company is now redeploying capital to take advantage of evolving housing trends.
“A significant supply and demand imbalance continues
to drive momentum toward workforce housing,” said Ron Kutas, partner with
OneWall. “Our experience sourcing, financing, managing, repositioning and selling
workforce housing assets allows us to successfully navigate shifting market
David Jarvis and David Oropeza with Gebroe-Hammer
Associates represented OneWall in the transaction and Brad Domenico with
Progressive Capital facilitated the debt for the purchase.
(Visited 1 times, 15 visits today)