In the largest multifamily
Located at 299 Baldwin Ave. in Parsippany, N.J., Baldwin Oaks is a U.S. Department of Housing and Urban
Situated on 10.5 acres, the complex’s 250 one-bedroom units and one two-bedroom unit feature newly upgraded kitchens and baths as well as life-safety services, on-site parking, a community room, billiards room, bocci court and well-manicured courtyard.
“Baldwin Oaks is one of the most appealing age-restricted, affordable rental communities in Morris County and the northern part of the state, where there is tremendous demand for this type of living option,” says Joseph Brecher, executive vice president of Gebroe-Hammer Associates, the
The $19 million sale in Parsippany is one of several HUD-designated senior affordable and low-to-moderate income multifamily investment sales closed by Gebroe-Hammer during the past several months. Recent
Built in 1980, Baldwin Oaks continues to be a popular affordable rental choice among seniors from the area for two main reasons, explains Stephen Tragash, a sales associate with Gebroe-Hammer. Seniors want to maintain their local ties to the community and be in close proximity to a wide range of convenience and lifestyle services, including restaurants and retail shops.
Aimco sold 12 properties during the first quarter, including four conventional properties (789 units) and eight affordable properties (834 units), generating $86.2 million in gross proceeds. The company reduced its corporate term debt by $45 million during the quarter in an effort to strengthen its balance sheet.
The company’s first-quarter earnings report sheds some light on the timing of the sale of Baldwin Oaks. Aimco intends to focus on Class-B/B+ quality conventional apartment communities located in the 20 largest U.S. markets, with a target capital allocation of 10% or less to affordable apartment communities.
The price per share of Aimco stock (NYSE: AIV) closed at $18.77 per share on May 20, up from $8.97 a year earlier.