SVN Affordable Represents Owner in the Sale of 657 Units of Affordable Housing in Newark, New Jersey
NEWARK, N.J. (PRWEB) September 19, 2018 -- SVN Affordable | Levental Realty (SVN Affordable) announced today that Garden Spires and Spruce Spires have been sold to New York based Affordable Developer, Omni America, LLC (Omni). Omni will spearhead a substantial renovation of both properties, utilizing Low Income Housing Tax Credits. SVN Affordable acted as the exclusive listing broker and was responsible for valuing, marketing and negotiating the transaction on behalf of the Seller.
The in-place rehabilitation will take approximately 12 to 18 months to complete and will include extensive interior and exterior renovations of both properties. Improvements will include new roofs, flooring and lighting; new kitchen cabinets, appliances and fixtures; new bathroom vanities, sinks, and bath enclosures; and new building mechanical systems including hot water heaters, boilers and electrical panels, as well as a cogeneration system at Garden Spires. Additionally, Omni plans to make sidewalk and parking lot repairs, upgrade security alarm systems, install hundreds of surveillance cameras across both properties and provide a community room and laundry facility for residents at Garden Spires.
Garden Spires consists of 544 units in two 20-story buildings located on First Street adjacent to Route 280. 350 of the units are subsidized by a long-term Project Based HAP Contract. Spruce Spires consists of 113 apartments spread across four four-story buildings and one five-story building located on Spruce Street and Martin Luther King Boulevard. 100% of the units are covered by a long-term Project Based HAP Contract.
“The sale of Garden and Spruce Spires was a complicated process and demanded the skillset of an experienced, sophisticated and nimble buyer. A complex capital stack with a variety of equity sources was needed in order to facilitate the deep renovation and stabilization that the projects required. Given the size, location, and HAP component of the deals, there was a lot of interest from regional and national developers. After a competitive bidding process and much diligence, Omni was selected as the right developer for the opportunity, successfully navigating regulatory hurdles and the changing economic environment.” Gene Levental, Managing Director, SVN Affordable.
About SVN AFFORDABLE | Levental Realty
SVN AFFORDABLE | Levental Realty is a nationally recognized leader in the niche market of Affordable Housing brokerage focusing solely on valuing, marketing and selling Project-Based Section 8 and Section 42 housing through their national platform and proprietary database. Our financial, regulatory and statutory expertise, paired with our strategic alliance of industry professionals, allows us to successfully identify a customized disposition strategy and transaction structure that ensures maximum value and minimal risk for our clients.
About SVN® International Corp.
SVN International Corp. (SVN), a full-service commercial real estate franchisor of the SVN® brand, is one of the industry’s most recognized names based on the annual Lipsey Top Brand Survey. With 200 offices and over 1600 Advisors and staff, SVN provides sales, leasing, corporate services and property management services to clients across the globe. SVN Advisors also represent clients in affordable housing, auction services, corporate real estate, distressed properties, golf & resort, hospitality, industrial, investment services, land, medical, multifamily, office, retail, self-storage and single tenant investments. All SVN offices are independently owned and operated. For more information, visit http://www.svn.com.
Gene Levental, SVN | Affordable Levental Realty, https://www.svn.com, 513.321.7589, [email protected]
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