A 50-unit apartment building supported by the United States Department of Housing and Urban Development in downtown Newark has recently been purchased by The Aspen Companies of Teaneck for $3m.
The building is a converted factory and has one-, two-, and three-bedroom apartments. Aspen Companies plans to improve the property by upgrading common areas and interior hallways, renovating apartments, and improving the systems in the building.
Azi Mandel, a principal of The Aspen Companies, cites Panasonic opening a new commercial building and the unveiling of the Teacher’s Village as evidence that downtown Newark is getting a rebirth, which he predicts will strengthen in the upcoming years. Mandel added that the plan is to modernize the individual apartments and the overall property so as to keep pace with the prosperous neighborhood.
Adam Mermelstein, another principal with Aspen Companies, said that the company focuses on urban middle-class neighborhoods that have distressed properties to which the company can add value, yet still provide quality affordable housing. Due to their locations, they can be transformed into modern apartment communities that provide clean, quality housing and all the necessary social programs and amenities.
Flyer printing is one way Aspen Companies can inform the community of the goals of the project and its benefits to the community by creating Flyers with more details about their plans.
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