The Largest Multifamily Acquisition of 2020
Alpha Realty, 8-Building MLK Portfolio, Newark, NJ
Size: 251,000 s/f
Broker: Lev Mavashev
In a complex off-market transaction, Alpha Realty’s Managing Principal Lev Mavashev negotiated the $22 million sale of a 255-unit, eight-building apartment portfolio in Newark, NJ, to a NJ-based multifamily operator. Seven properties are situated along downtown’s prominent Dr. Martin Luther King Jr. Boulevard and one is on nearby Quitman Street. Mavashev represented both parties: the Brooklyn-based seller that was liquidating its NJ holdings, and secured the buyer, which had extensive experience with the local housing agencies. Additionally, Alpha Realty’s Alex Onishchenko arranged an $18.5 million bridge loan to finance the acquisition.