SVN Affordable | Levental Realty announced Wednesday that Garden Spires and Spruce Spires in Newark have been sold to Affordable Developer, Omni America LLC.
Financial terms were not disclosed.
Under the deal, Omni will renovate the interiors and exteriors of both properties utilizing Low Income Housing Tax Credits. The rehabilitation should be completed in about 12 to 18 months.
Garden Spires is comprised of 544 units in two 20-story buildings located on First Street.
Spruce Spires is comprised of 114 apartments in four four-story buildings and one five-story building located on Spruce Street and Martin Luther King Boulevard.
“The sale of Garden and Spruce Spires was a complicated process and demanded the skillset of an experienced, sophisticated and nimble buyer. A complex capital stack with a variety of equity sources was needed in order to facilitate the deep renovation and stabilization that the projects required. Given the size, location, and HAP component of the deals, there was a lot of interest from regional and national developers. After a competitive bidding process and much diligence, Omni was selected as the right developer for the opportunity, successfully navigating regulatory hurdles and the changing economic environment,” Gene Levental, managing director, SVN Affordable, said.