NEWARK, NJ-The Mount Prospect Towers apartment complex here is on the market for sale and some say the 219-unit property could trade for as high as $27 million.
HFF is marketing the property for owner The Pradeium Group, which has invested approximately $4 million in apartment upgrades at the property located in the Forest Hill section of the city.
“Coming out of the recession, investors who were burned in the past were looking for safety,” said Jose Cruz, senior managing director at HFF. “Office (real estate) was reeling, retail was still trying to get its footing. Multifamily is a very safe investment and returns are very good.” See story in the Star Ledger.
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John Jordan
John Jordan is a veteran journalist with 36 years of print and digital media experience.
