One Wall Partners (OWP), the real estate investment and management firm based in Newark, NJ, recently announced the acquisition of 292 Wainwright Street in Newark. This property adds another 27 units to OWP’s portfolio of transit-oriented housing in northern New Jersey.
This is the fourth multi-family acquisition executed by the firm in 2016, to date. One Wall previously purchased two properties in East Orange and a portfolio including five buildings in Newark and two in Irvington. One Wall is focused on providing quality, naturally occurring affordable housing and the Wainwright property is a walk-up building with recently completed upgrades. OWP will be improving several units that are currently vacant and plans to renovate the common areas and improve all units as they turnover.
The property, which contains a mix of units ranging from junior 1 bedroom to three-bedroom apartments, has a walk score of 86 with I-78 and multiple NJ Transit bus stops within a few blocks. Transit-oriented workforce housing is in great demand in northern New Jersey; OWP’s latest acquisition will provide residents with a shorter commute time – 39 minutes to Port Authority on NJ Transit Bus 107 – to Midtown Manhattan than many neighborhoods in NYC. 292 Wainwright is also walking distance to Newark-Beth Israel Medical Center and convenient to Newark Airport.
Founded in 2010, OWP is a vertically integrated real estate operator whose main objective is providing quality, transit-oriented workforce housing located within a half-mile of public transportation. The purchase of the building at 292 Wainwright will provide affordable housing in a walkable neighborhood.
One Wall continues to pursue investment opportunities in the region.
For more information about One Wall Partners, email us at email@example.com.