NEWARK, NJ – Alex Brown Realty and Treetop Development have sold Parkwood Place Apartments, a 294-unit mid-rise apartment community at 368 Mount Prospect Avenue in the Forest Hill neighborhood of Newark, NJ, for $23.8 million. HFF brokered the sale after marketing the property for the Brown/Treetop joint venture.

Parkwood Place Apartments consists of seven six-story buildings containing 71 studio, 147 one-bedroom and 76 two-bedroom units. Most recently renovated between 2007 and 2014, the property is about 10 minutes from downtown Newark and 25 minutes from Manhattan via the Holland Tunnel. The gated community also includes views of the New York City skyline, covered parking and a large well-manicured central courtyard.

The HFF investment sales team representing the seller was led by senior managing directors José Cruz and Andrew Scandalios, managing director Kevin O'Hearn and associate director Michael Oliver.

“With this transaction, the buyer has made an excellent investment in an asset with considerable upside in a growing market,” says Cruz.

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Steve Lubetkin

Steve Lubetkin is the New Jersey and Philadelphia editor for GlobeSt.com. He is currently filling in covering Chicago and Midwest markets until a new permanent editor is named. He previously filled in covering Atlanta. Steve’s journalism background includes print and broadcast reporting for NJ news organizations. His audio and video work for GlobeSt.com has been honored by the Garden State Journalists Association, and he has also been recognized for video by the New Jersey Chapter of the Society of Professional Journalists. He has produced audio podcasts on CRE topics for the NAR Commercial Division and the CCIM Institute. Steve has also served (from August 2017 to March 2018) as national broadcast news correspondent for CEOReport.com, a news website focused on practical advice for senior executives in small- and medium-sized companies. Steve also reports on-camera and covers conferences for NJSpotlight.com, a public policy news coverage website focused on New Jersey government and industry; and for clients of StateBroadcastNews.com, a division of The Lubetkin Media Companies LLC. Steve has been the computer columnist for the Jewish Community Voice of Southern New Jersey, since 1996. Steve is co-author, with Toronto-based podcasting pioneer Donna Papacosta, of the book, The Business of Podcasting: How to Take Your Podcasting Passion from the Personal to the Professional. You can email Steve at [email protected].

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