NEWARK, NJ — One Wall Partners (OWP), the real estate investment and management firm based in Newark, recently completed the all-cash purchase of a 16-property portfolio in East Orange, West New York and Jersey City that was formerly owned by Shapco Property Management (SPM). The off-market transaction was closed in 60 days at a purchase price of $63 million. OWP is now the largest property owner in East Orange and one of the largest transit-oriented workforce housing owner/operators in northern New Jersey.
The firm has invested more than $160mm in the area in the past four years and currently maintains 37 properties under ownership.
“We continue to see a supply-demand imbalance between available apartments and consumer preferences for affordability and convenience. Residents gravitate to quality properties in dynamic neighborhoods offering walkability and transit access,” said Nate Kline, chief investment officer at OWP. “As a result, we expect to see continued strong demand for naturally occurring affordable housing in transit-oriented locations that offer reasonable commutes to New York City and other employment centers.”
Kline said OWP has identified northern New Jersey as a geographic area the company is committed to for the long haul and that they see continued opportunity for growing their workforce housing position in the region.
“The One Wall Partners’ team was tremendous to work with on this project,” said Peter Shapiro, founder of SPM. “They have become a solid presence in the northern New Jersey market in a niche that is vitally important to the communities they serve. From the negotiation to the purchase and follow-through, they have been absolute professionals every step of the way. More than 95 percent of our staff will stay on with OWP, which is significant in today’s real estate space. I wish them the very best as they continue to excel in the marketplace.”