Aspen Companies buys Newark affordable housing building

By Naomi Nix | The Star-Ledger
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on August 15, 2014

Aspen Companies recently purchased an affordable housing building in Newark.


NEWARK — The Aspen Companies has purchased an affordable housing development in Newark just yards away from the New Jersey Institute of Technology.

The company paid $3 million to a Florida investment firm Southport for the 50-unit building located at 75 Lock Street, Aspen said in a statement.

The three-story building houses a mixture of one, two and three bedroom apartments, which are completely occupied and supported by the U.S. Department of Housing and Economic Development, the statement said.

Aspen Companies officials said they invested in the building because of its attractive location.

“Newark is rallying and we believe the rebirth will only get stronger in the years to come,” Aspen Companies executive Azi Mandel said.

The company said it plans to add about $400,000 worth of improvements to the building, including renovating common areas, individual apartments and upgrading the building systems.

"We purchased this unique HUD building and plan to modernize the homes and property to fit into the changing landscape," Mandel said.

"By completing key improvements and aggressively managing the property, it will become an over performing asset that benefits the entire community-at-large.”

The red brick building once housed a factory, according to Aspen Companies.

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