THE ASPEN COMPANIES ACQUIRES 50-UNIT HUD BUILDING FOR $3M

by admin

NEWARK, N.J. — Teaneck, N.J.-based The Aspen Companies has acquired a HUD-supported apartment building in downtown Newark for $3 million. Located at 75 Lock St., the three-story property features 50 units with a mix one-, two- and three-bedroom layouts. The buyer plans to implement an aggressive capital improvement program to the property, including upgrading common areas, hallways and the exterior, improving building systems and renovating apartments. The property is located adjacent to the New Jersey Institute of Technology and near the New Jersey Performing Arts Center. The apartment building was 100 percent occupied at the time of sale.

You may also like