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Joint Venture Acquires 718-Unit Workforce Housing Portfolio in East Orange, New Jersey

650-Park-Avenue-East-Orange-New-Jersey

Pictured is the property at 650 Park Ave., one of several in the recently sold workforce housing portfolio in East Orange, New Jersey.

EAST ORANGE, N.J. — A joint venture between Boston-based investment firm The Davis Cos., New York City-based Spaxel and Atalaya Capital Management has acquired a 718-unit workforce housing portfolio in East Orange, about 15 miles west of Manhattan. The portfolio consists of 11 buildings that were 96 percent occupied at the time of sale. Steven Kohn, John Alascio, Brian Whitmer, Chuck Kohaut, Jessica Ke and T.J. Sullivan represented Spaxel and Atalaya Capital Management in structuring a joint venture with The Davis Cos. The new ownership will implement a value-add program.

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