Strategic Resources Corp., the NY-based investment advisor and fund manager, has acquired the 266-unit, 330,000-sf high-rise Crescent apartment complex in this Newark suburb, on behalf of Phoenix Four Inc., an opportunity fund that it manages. SRC EVP James J. Hopkins structured and negotiated the complex deal. The seller was an institutional lender, and the sale price was not disclosed.

Built in 1962, the complex is said to be about 75% occupied, a relatively low number in this tight multifamily market. That’s especially a problem given the fact that the property is located adjacent to a neighborhood of upper class homes.

To correct that, the new owner will do a rehab. “One of our primary objectives will be to restore its luster,” according to Brian Ricklin, SRC’s director of asset management. “We will address both its physical appearance and its mechanical systems.” He projects full occupancy within 18-24 months.

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