Multifamily property in Newark sells for $2M-plus

A multifamily property in Newark has sold for $2.155 million, according to real estate firm Cushman & Wakefield.

The purchase price for the 21-unit asset at 511-515 Roseville Ave. comes to $102,619 per unit, the real estate firm added.

C&W’s Brian Whitmer, Andrew Schwartz, Jordan Sobel and Andre Balthazard represented the seller and procured the buyer in the transaction. Neither the buyer nor the seller was disclosed.

“511-515 Roseville Ave. is a well-maintained multifamily asset that presents a strong value-add opportunity for new ownership,” Schwartz said in a prepared statement. “Value-add multifamily properties have been in high demand in northern New Jersey, a trend we expect to continue experiencing.”

The fully occupied property features all one-bedroom units.