Forest Hill Towers in Mount Prospect sold to a New York investor for $73 million
Newark, New Jersey (December 9, 2019) – Pensam Residential, a national multi-housing owner/operator and one of the nation’s most active preferred equity providers, has closed on a preferred equity investment to facilitate the acquisition of Forest Hill Towers, a 401-unit apartment community located in Newark, New Jersey. The New York-based sponsor acquired the property for $73 million. Pensam’s preferred equity investment is structured behind Fannie Mae senior financing.
“This is a generational multifamily asset in an upscale, lush pocket of the city that is known for its historic architecture and tree-lined streets,” said Noah Miller, Vice President of Acquisitions & Finance at Pensam. “As many of the new Class A apartments in the New York-New Jersey metro area remain out of reach for the majority of the area’s workforce, we anticipate continued strong demand for assets like this that benefit from long-term, stable management, a terrific suburban-urban location and exceptional access to public transit.”
Located at 515 Mount Prospect Avenue, Forest Hill Towers was built in 1964 and consists of studio, one- and two-bedroom apartments ranging from 600 to 900 square feet. Individual units feature spacious closets, individual climate control and balconies with views of Manhattan and the Orange Mountains. The pet-friendly community offers on-site management, covered parking, a 24-hour door attendant, a 24-hour laundry center, high-speed internet and storage.
Forest Hill Towers is conveniently located less than 20 miles from New York City, with convenient access to a range of transit options including commuter trains, buses, major highways and Newark International Airport. It is a few blocks from the sprawling 360-acre Branch Brook Park.
Pensam has invested in over 2,000 units in the the New York metro area.
About Pensam Residential
Headquartered in Miami, Pensam Residential is a multi-housing owner and operator which manages a growing portfolio of properties across the United States. Pensam encompasses all aspects of real estate property ownership and investment, including acquisition, financing, construction, repositioning, and management. Pensam has invested in over 30,000 units across 100 properties. For more information visit www.pensamresidential.com.