Stamford firm sells NJ apartment buildings for $30 million


STAMFORD – OneWall Communities, a Stamford real estate company focused on workforce housing, announced this week the $30 million sale of two apartment buildings in Newark, NJ

The transaction includes the six-story, 108-unit building at 103 Chancellor Ave., and the five-story, 83-unit building at 25 Van Velsor Place. OneWall officials declined to disclose the buyer.

After acquiring the properties between 2017 and 2018, OneWall said it made a number of capital improvements, including improvements to apartments and common areas. The buildings primarily house one- and two-bedroom apartments, which OneWall officials say are rented at market prices, but “well below competing properties in the market.”

“OneWall correctly identified the long-term growth trends in the Newark market when we acquired these assets, and we are excited to continue to focus on suburban markets in areas with abundant employment opportunities,” said said Nate Kline, OneWall Partner and Chief Investment Officer. declaration. “Changing demographic trends have created significant opportunities for attractive returns on real estate investments across the East Coast.”

Other recent deals for OneWall include last month’s $97 million acquisition of a 459-unit apartment complex in Temple Hills, Maryland, and January’s $53 million sale of a 301-unit portfolio in East Orange, New Jersey.

CBRE Institutional Properties represented OneWall Communities in the Newark and East Orange transactions and also helped find a buyer in those transactions. CBRE’s Newark and East Orange sales team included Jeffrey Dunne, Jeremy Neuer, Steve Bardsley, David Gavin, Rich Gatto, Fahri Ozturk, Travis Langer and Zach McHale.

“We are very pleased to have represented OneWall Communities in this sale,” Dunne, vice president of CBRE, said in a statement. “The value-added potential of the assets has generated considerable interest from the investment community. The buyer fully understood the portfolio’s potential from the start and moved quickly and aggressively to close the deal.

Founded in 2010, OneWall has since acquired and managed more than 5,500 rental properties in New Jersey, New York, Maryland and Pennsylvania. The company has offices in Stamford at 707 Summer St.

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