Bluestone Equities Acquires Multifamily Portfolio In Newark NJ For $2.2M

Bluestone Equities has acquired a multifamily property in Newark, NJ for a total sale price of $2,200,000. The property, located at 113-115 S. Munn St, 23-25 Cedar Ave, 258-260 Osborne Ave, 799 S 12th St, and 28 Chelsea Ave, features 14 units with an average price per unit of $157,143. The transaction was facilitated by Eric Eckhardt and Jenn Coco from The Sikora Group - eXp Realty, representing Bluestone Equities as the buyer's representatives. The seller, Wainwright Properties LLC, was represented by Erik Goldfarb, also from The Sikora Group - eXp Realty.

Summary of transaction details

• Property Type: Multifamily
• Transaction Amount: $2,200,000
• Address: 113-115 S. Munn St, 23-25 Cedar Ave, 258-260 Osborne Ave, 799 S 12th St, 28 Chelsea Ave, Newark, NJ
• Market: Newark, NJ

Eric Eckhardt and Jenn Coco from The Sikora Group - eXp Realty served as the buyer's reps in this transaction. It is worth noting that the sale of this multifamily property was part of a 1031 Exchange, allowing the buyer to transition from a more management-intensive property into a less intensive, triple net strip mall located in South Jersey.