PROPERTY NAME: Bruce Street Gardens
ADDRESS: 49 12th Avenue, Newark,New Jersey
DESCRIPTION: Dane Professional Consulting Group has been retained as the exclusive agent in the sale of Bruce Street Gardens, a 110 unit, garden-style Low Income Housing Tax Credit (LIHTC) property situated between Downtown Newark and University Heights.
Only 1.5 miles from Newark Penn Station, residents of Bruce Street Gardens are able to take advantage of multiple mass transit lines, AMTRAK and easy access to New York City by way of either NJ Transit or the PATH. Additionally the property is easily accessible by car, with close proximity to the Garden State Parkway, Routes 280 and 278, and the NJ Turnpike.
The property is a five-minute walk from the University Hospital and with a lot adjacent to the Rutgers Biomedical and Health Sciences Campus. The area is conveniently located near shops and grocery stores, schools, parks, areas of worship, multiple bus lines, the Prudential Center, and the New Jersey Performing Arts Center.
In addition, the property’s location is not far from numerous high profile developments either begun or completed within the last year. The property is in immediate proximity to highly trafficked commercial areas, especially along nearby Market Street.
Bruce Street Gardens poses a particularly appealing opportunity as the tax credits placed on the property in 1999 have since passed their initial fifteen-year compliance period. Several options exist for a purchaser in that they have an ability to resyndicate or buy all-cash and hold the property until all restrictions have burnt off.
Given the location and operating history of the property, the opportunity is a strong investment for a party looking to expand their portfolio in New Jersey.