NEWARK-Parkwood Place Apartments, a seven-building, 293-unit complex in this city’s Branch Brook section, has been sold for $22 million, which factors out to nearly $75,100 per unit. The seller was Cromwell Associates of New York City; the buyer was Parkwood Realty, also New York City. The complex was 96% occupied at the time of sale.

“These buildings form a core part of this neighborhood,” says Joel Schwartz, EVP of Gebroe-Hammer Associates, Livingston, who had the listing exclusive. “There is fierce competition for properties of this caliber in the Newark area.”

Besides Schwartz as exclusive agent, Gebroe-Hammer EVP David Oropeza brought buyer Parkwood Realty to the deal. And Gebroe-Hammer SVP David Jarvis was also involved in the transaction. On the legal side, attorney Harvey Frefeld of Brooklyn, NY represented the seller, and Richard Kelin of Feinstein, Raiss, Kelin and Booker of West Orange represented the buyer.

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