Search
 

Newark, Private Firms Roll out Housing Program

NEWARK-Apollo and Radiant hook up with the city in a work force housing initiative to keep more working people here as residents.

By Joe Cavaluzzi | Updated on January 29, 2008

NEWARK-City and state officials yesterday rolled out a work force housing initiative in partnership with New York City-based Apollo Real Estate Advisors and locally based Radiant Property Management, aimed at keeping people who work in the city as residents. Apollo, which acquired nine apartment buildings totaling 724 units and 575,000 sf in the city’s South Ward for $43 million from an undisclosed seller, will invest another $7 million in renovations. Radiant Property Management will add its multifamily management expertise to the mix.

The initiative specifically aims at keeping police, firefighters and teachers who work for Newark as residents. Those city employees will receive a 10% discount on their rent, according to Mayor Cory Booker, who started talking about ways to address the city’s workforce housing problems with Apollo principal James H. Simmons, III two years before his election.

The initiative also aims to make the buildings energy efficient, environmentally friendly and affordable to middle class workers. Rents will run from $600 to $1,100 a month for a studio to three bedrooms in the two- to six-story buildings that range from 25 to 257 apartments.

Want to continue reading?
Become a Free ALM Digital Reader.

Once you are an ALM digital member, you’ll receive:

  • Unlimited access to GlobeSt and other free ALM publications
  • Access to 15 years of GlobeSt archives
  • Your choice of GlobeSt digital newsletters and over 70 others from popular sister publications
  • 1 free article* every 30 days across the ALM subscription network
  • Exclusive discounts on ALM events and publications

*May exclude premium content
Already have an account?

NOT FOR REPRINT

© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.

GlobeSt

Join GlobeSt

Don't miss crucial news and insights you need to make informed commercial real estate decisions. Join GlobeSt.com now!

  • Free unlimited access to GlobeSt.com's trusted and independent team of experts who provide commercial real estate owners, investors, developers, brokers and finance professionals with comprehensive coverage, analysis and best practices necessary to innovate and build business.
  • Exclusive discounts on ALM and GlobeSt events.
  • Access to other award-winning ALM websites including ThinkAdvisor.com and Law.com.

Already have an account? Sign In Now
Join GlobeSt

Copyright © 2024 ALM Global, LLC. All Rights Reserved.