CBRE announced it has completed an REO (real estate owned) sale of a two-property, gut-renovated apartment portfolio in Newark.
A local investor acquired the properties located at 66-68 Garside Street (aka 41-43 Victoria Avenue) and 536-540 Central Avenue from Napier Park Global Capital, an alternative asset management platform headquartered in New York City with $22 billion in assets under management. The purchase price was not disclosed.
The CBRE team of Richard Gatto, Fahri Ozturk and Zach McHale led the marketing campaign for the two-building portfolio and represented Napier Park Global Capital in the negotiations. CBRE also procured the buyer.
The properties are within 1.5 miles of each other and steps from Newark’s downtown. 66-68 Garside features 20 gut-renovated apartments with 3,000± square feet of commercial space on the ground floor, while 536-540 Central Avenue is being repositioned into 23 loft-style luxury apartments with 4,000± square feet of commercial space spread across two floors.
