Colliers Arranges $94M Sale of Affordable Seniors Housing Property in East Orange, New Jersey
EAST ORANGE, N.J. — Colliers International has arranged the $94 million sale of Norman Towers, a Section 8 seniors housing project located in the Newark suburb of East Orange. The 405-unit property has not been renovated since its original construction in 1980. Colliers represented the seller, Squiretown Properties LLC, in the transaction. The buyer was a partnership between Community Preservation Partners and L+M Development Partners. The property’s affordability status, which was set to expire in 10 years, has now been extended for 30 years as part of the purchase agreement. The Section 8 program is named for Section 8 of the United States Housing Act of 1937. It is more commonly known today as the Housing Choice Voucher Program, which is funded by the Department of Housing and Urban Development. Low-income residents apply to qualify for a rent assistance voucher.