NEWARK, NJ – Alex Brown Realtyand Treetop Development have sold Parkwood PlaceApartments, a 294-unit mid-rise apartment community at 368Mount Prospect Avenue in the Forest Hill neighborhood ofNewark, NJ, for $23.8 million. HFF brokered thesale after marketing the property for theBrown/Treetop joint venture.
Parkwood Place Apartments consists of sevensix-story buildings containing 71 studio, 147 one-bedroom and 76two-bedroom units. Most recently renovated between 2007 and2014, the property is about 10 minutes from downtown Newark and 25minutes from Manhattan via the Holland Tunnel. The gatedcommunity also includes views of the New York City skyline, coveredparking and a large well-manicured central courtyard.
The HFF investment sales team representing theseller was led by senior managing directors JoséCruz and Andrew Scandalios, managingdirector Kevin O'Hearn and associate directorMichael Oliver.
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