Berkadia Closes 38-Unit Multifamily Property Sale In Newark New Jersey By Timothy Blashford & Nat Gambuzza

This article discusses the sale of a multifamily property comprising 38 units with a total square footage of 40,000, located in the North Broadway neighborhood of Newark, New Jersey, within Essex County. The property was sold in an off-market transaction, facilitating a swift deal in the local market.

Summary of transaction details:

• Property Type: Multifamily
• Transaction Amount: Not disclosed
• Units: 38
• Square Footage: 40,000
• Market: Newark, New Jersey

Timothy Blashford and Nat Gambuzza of Berkadia represented the brokerage side of the transaction, successfully sourcing the buyer who was keen to expand their investment portfolio in the area. The new owner plans to implement renovations in both unrenovated units and common areas of the building as part of a value-add strategy.