Newark’s One Wall Partners has expanded its in-state ownership.
The real estate investment and management firm based recently completed the all-cash purchase of a 16-property portfolio in East Orange, West New York and Jersey City for $63 million.
The purchase from Shapco Property Management makes OWP the largest property owner in East Orange, and one of the largest transit-oriented workforce housing owner/operators in northern New Jersey.
More than 95 percent of Shapco’s staff will stay with the new owner.
OWP has invested more than $160 million in the area in the past four years, and has 37 properties.
“We continue to see a supply-demand imbalance between available apartments and consumer preferences for affordability and convenience,” said Nate Kline, chief investment officer at OWP.
“Residents gravitate to quality properties in dynamic neighborhoods offering walkability and transit access. As a result, we expect to see continued strong demand for naturally occurring affordable housing in transit-oriented locations that offer reasonable commutes to New York City and other employment centers.”
The company is committed to the northern New Jersey area for the long haul, with continued opportunity for growing its workforce housing position in the region, Kline added.
“The One Wall Partners’ team was tremendous to work with on this project,” Shapco founder Peter Shapiro said. “They have become a solid presence in the northern New Jersey market in a niche that is vitally important to the communities they serve. From the negotiation to the purchase and follow-through, they have been absolute professionals every step of the way. More than 95 percent of our staff will stay on with OWP, which is significant in today’s real estate space. I wish them the very best as they continue to excel in the marketplace.”