75 Prospect Street, East Orange, NJ
EAST ORANGE, NJ—One Wall Partners recently surpassed 1,150 units of transit-oriented housing in Northern New Jersey by acquiring 75 Prospect in East Orange, NJ. The transaction, combined with other recent acquisitions, puts OWP ahead of its 2017 growth goals.
As previously reported by GlobeSt.com, the property, also known as the Castle on Prospect, had been owned by East Orange, NJ-based KEC Properties, and sold for a record $11.25 million, or about $250,000 per unit.
“We’ve been steadily expanding our portfolio since entering the market in 2013 and are very excited to add the ‘Castle on Prospect’ to our holdings,” says Nate Kline, chief investment officer and principal at One Wall Partners. “75 Prospect is an irreplaceable apartment tower that was impeccably built at the end of the Roaring Twenties with a stately façade and gracious floor plans echoing Rosario Candela and Emery Roth buildings of the same vintage. Furthermore, it diversifies our portfolio by adding a one-of-a-kind property with apartments that compare favorably in both size and price to houses in nearby high-end suburbs. Finally, for NYC transplants, the units offer the charm of pre-war Park Avenue apartments at less than one-fourth the rent per square foot.”
Since the beginning of 2016, OWP has significantly increased its portfolio of properties by acquiring fourteen buildings located across East Orange, Orange, Newark and Irvington. These properties were all transit-oriented and in highly-walkable neighborhoods, offering affordable workforce housing with quick commutes to New York City and Newark.
“One Wall Partners’ commitment to acquiring, managing and developing transit-oriented, workforce housing adds value to the communities they operate in and supports the rapidly growing commuter population in Northern New Jersey,” says David Oropeza, managing director with Gebroe-Hammer Associates, who has worked with OWP on numerous transaction in the last few years. “This type of housing is in high demand and I’m pleased One Wall Partners continues to expand and offer high-quality and affordable options for residents.”
By defining a niche and adhering to its transit-oriented housing formula, OWP has been able to acquire and manage a variety of properties and has become an authority on transit-oriented housing in the Northern New Jersey region.
After expanding into the Newark and Irvington markets this past year, OWP’s portfolio has grown to almost $100 million in assets under management. OWP continues to search for and identify potential properties for investment opportunities in Northern New Jersey.
“The demand for naturally occurring affordable housing remains strong in areas that offer reasonable commutes to New York City, Newark and other employment centers,” Kline says. “We were very deliberate in the decision to move our corporate headquarters to Newark, within arms-reach of all of our properties. We’re in this market for the long haul and are bullish on the future of these Northern New Jersey communities.”