NEWARK, NJ—The Aspen Companies has acquired a 50-unit HUD supported apartment building in downtown Newark, NJ for $3 million and says it will make 'aggressive' capital improvements to the property.
The three-story rental building created in a converted factory is located at 75 Lock Street next to the New Jersey Institute of Technology and just blocks from the New Jersey Performing Arts Center. The red brick mid-rise building – which is 100% occupied -- consists of a mix of one-, two- and three bedroom apartment homes.
“Newark is rallying and we believe the rebirth will only get stronger in the years to come,” says Azi Mandel, a principal of The Aspen Companies. “Panasonic has opened the first new commercial building in the downtown district in more than 20 years. The long awaited Teacher's Village, which features retail, housing and charter schools, was unveiled last fall on Broad and Market Street minutes from the 75 Lock building.”
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