NEWARK, NJ-New York City-based real estate private equity firm Azure Partners has acquired the Mount Prospect Towers here for $24.25 million.
The deal for the two, 15-story apartment towers at 380 and 402 Mount Prospect Ave. was announced by HFF's Florham Park, NJ-based office, which represented the sellers of the 219-unit complex—Praedium Group and KABR Group. The deal calculates to $111,000 per unit.
The 96% leased property located in the Forest Hill section of Newark is comprised of studio, one-, two- and three-bedroom units that are undergoing renovations with updated kitchens, baths and flooring, HFF officials state. Both buildings were also recently improved with new building systems, roofs and common areas. Community amenities include 24/7 doorman security and on-site indoor and outdoor parking.
The HFF investment sales team representing the sellers was led by senior managing directors Jose Cruz and Andrew Scandalios, managing directors Kevin O'Hearn and Jeffrey Julien and associate director Michael Oliver.
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