EAST ORANGE, NJ—One Wall Partners recently surpassed 1,150 units of transit-oriented housing in Northern New Jersey by acquiring 75 Prospect in East Orange, NJ. The transaction, combined with other recent acquisitions, puts OWP ahead of its 2017 growth goals.

As previously reported by GlobeSt.com, the property, also known as the Castle on Prospect, had been owned by East Orange, NJ-based KEC Properties, and sold for a record $11.25 million, or about $250,000 per unit.

“We've been steadily expanding our portfolio since entering the market in 2013 and are very excited to add the 'Castle on Prospect' to our holdings,” says Nate Kline, chief investment officer and principal at One Wall Partners. “75 Prospect is an irreplaceable apartment tower that was impeccably built at the end of the Roaring Twenties with a stately façade and gracious floor plans echoing Rosario Candela and Emery Roth buildings of the same vintage. Furthermore, it diversifies our portfolio by adding a one-of-a-kind property with apartments that compare favorably in both size and price to houses in nearby high-end suburbs. Finally, for NYC transplants, the units offer the charm of pre-war Park Avenue apartments at less than one-fourth the rent per square foot.”