HFF Brokers $23.8M Sale of 294-Unit Apartment Community in Newark

NEWARK, N.J. — HFF has brokered the sale of Parkwood Place Apartments, a mid-rise apartment community located in the Forest Hill neighborhood of Newark. A joint venture between Alex Brown Realty and Treetop Development sold the 294-unit property for $23.8 million, or $80,952 per unit, to an undisclosed buyer. Parkwood Place Apartments comprises seven six-story buildings featuring 71 studio, 147 one-bedroom and 76 two-bedroom units. Jose Cruz, Andrew Scandalios, Kevin O’Hearn and Michael Oliver of HFF represented the seller in the transaction.