Connecticut-based OneWall Communities sold a 301-unit portfolio of five multifamily rental properties in East Orange for $53 million, according to a Monday announcement from CBRE.
The CBRE team of Jeffrey Dunne, Jeremy Neuer, Steve Bardsley, David Gavin, Richard Gatto, Fahri Ozturk, Travis Langer and Zachary McHale, along with Nat Gambuzza and Timothy Blashford, represented OneWall in the transaction. The CBRE team was also responsible for procuring the buyer.
The properties, acquired by OneWall from 2017-2018, include market-rate workforce housing located in close proximity to transit options and to abundant employment. OneWall repositioned and upgraded the properties with common area improvements, physical plant upgrades and in-unit renovations.
“OneWall is committed to enhancing the communities we serve,” said Nate Kline, OneWall principal and chief information officer. “We seek to continually upgrade the properties we manage, improving infrastructure, aesthetics and operations to achieve a superior living environment for our residents.”
“We identified the long-term growth trends for workforce housing in East Orange and the greater Newark area when we launched OneWall in 2010,” Kline added. “We are focused on a host of new housing opportunities throughout the East Coast that will provide significant investment returns as the economy continues to recover and regional infrastructure improvement projects advance.”
Dunne, a vice chairman, commented: “We are very pleased to have represented OneWall Communities in the sale of this portfolio. The value-add potential of the assets and improving market dynamics drew significant interest from the investor community. The market demand for lifestyle-workforce housing product in transit-oriented markets is stronger than ever and is anticipated to continue for the foreseeable future.”
