Forest Hill Towers in Newark Trades for $73M
The transaction was facilitated by an unspecified preferred equity investment by national multi-housing owner and operator Pensam Residential of Miami. Pensam’s preferred equity investment is structured behind Fannie Mae senior financing.
NEWARK, NJ—The 401-unit Forest Hill Towers apartment property here was sold to a New York-based investor for $73 million.
The transaction was facilitated by an unspecified preferred equity investment by national multi-housing owner and operator Pensam Residential of Miami. Pensam’s preferred equity investment is structured behind Fannie Mae senior financing.
Noah Miller, VP of acquisitions & finance at Pensam, says, “As many of the new Class A apartments in the New York-New Jersey metro area remain out of reach for the majority of the area’s workforce, we anticipate continued strong demand for assets like this that benefit from long-term, stable management, a terrific suburban-urban location and exceptional access to public transit.”
Forest Hill Towers, which was located at 515 Mount Prospect Ave. was built in 1964 and consists of studio, one- and two-bedroom apartments ranging from 600 square feet to 900 square feet. Individual units feature spacious closets, individual climate control and balconies with views of Manhattan and the Orange mountains. The pet-friendly community offers on-site management, covered parking, a 24-hour door attendant, a 24-hour laundry center, high-speed Internet and storage.
Forest Hill Towers is located less than 20 miles from New York City and is a few blocks from the 360-acre Branch Brook Park. Pensam Residential has invested in more than 2,000 units in the New York metro area.