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EAST ORANGE, WEST NEW YORK AND JERSEY CITY, N.J. — One Wall Partners (OWP) has purchased a 16-property multifamily portfolio from Shapco Property Management for $63 million in an off-market transaction. With the acquisition, OWP is now the largest property owner in East Orange and one of the largest transit-oriented workforce housing owner/operators in Northern New Jersey.
Comprising 14 buildings in East Orange, one in West New York and one in Jersey City, the portfolio features a total of 516 apartment units and 300 parking spaces/garages. The unit mix includes 230 one-bedroom apartments and more than 286 two- and three-bedroom units.