The Aspen Companies announced Thursday that it has purchased a 50-unit, HUD-supported apartment building in downtown Newark for $3 million.
The Teaneck-based firm, which specializes in the ownership and management of affordable housing rentals, said in a news release that it will start an “aggressive” capital improvement program to the property at 75 Lock Street. The mid-rise building, a converted factory next to the New Jersey Institute of Technology, is 100 percent occupied, Aspen said.
“Newark is rallying and we believe the rebirth will only get stronger in the years to come,” Azi Mandel, a principal of The Aspen Companies, said in a prepared statement. “Panasonic has opened the first new commercial building in the downtown district in more than 20 years. The long awaited Teacher’s Village, which features retail, housing and charter schools, was unveiled last fall on Broad and Market Street minutes from the 75 Lock building. We’ve long been active in the city, ensuring that affordable housing keeps pace with the gentrifying neighborhood. We purchased this unique HUD building and plan to modernize the homes and property to fit into the changing landscape. By completing key improvements and aggressively managing the property, it will become an overperforming asset that benefits the entire community-at-large.”
The firm said it would upgrade common areas, hallways and the exterior, as well as improve building systems and renovate the mix of one-, two- and three-bedroom apartments.
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