NEWARK, NJ—Newark multi-family sales are mirroring the city's overall rebirth, as value-add property acquisition opportunities raise renewed investor interest, according to Gebroe-Hammer Associates. David Jarvis, executive vice president and the firm's Newark/urban market specialist, recently closed two separate transactions involving a three buildings and 95 units in the Upper and Lower Roseville neighborhoods, bringing the firm's recent Newark sales totals to 249 units.

The latest deals involved 385-391 and 467-479 Roseville Ave., and 66 N. 9^th Street. Jarvis exclusively represented the seller in both trades and procured the buyer of the Roseville Avenue assets. Managing director David Oropeza identified the buyer of the N. 9^th Street property. The three-story properties sold for a combined $6.53 million and offer future rent growth potential associated with the implementation of modest capital improvements.

“Multi-family deal flow is intensifying citywide following the successful revitalization of the Hahne's Building, a high-profile multimillion-dollar mixed-use project,” says Jarvis. “Its delivery to market earlier this year symbolizes progress and that the city is truly coming into its own. This development pays tribute to Newark's past and its future, which is why it has attracted anchor tenants like Whole Foods and Barnes & Noble —both of which have a target consumer base that fits today's urban, mass transit-demanding renter demographic.”