Forest Hill Towers

515 & 555 Mt. Prospect Ave, Newark, New Jersey, United States

PURCHASE PRICE: $70,000,000+
TOTAL UNITS: 401
SIZE: 3.2 acres

Forest Hill Towers has emerged as the neighborhood’s flagship high-rise apartment towers with private balconies offering views of Manhattan and the rolling hills of South Mountain Reservation.

The location is also ideal for commuters to New York as a trip to Manhattan (Pennsylvania Station) is only a 20-minute commute by PATH subway from Downtown Newark or a 40-minute commute straight from the Forest Hill Towers.

Forest Hill Towers are two 16 stories buildings with a mixture of spacious units include studio as well as one and two-bedroom layouts. Its two-bedroom layouts exceed the submarket average size of same units by ~22%. At a similar price range these larger units provide tenants with greater value for their money, making Forest Hill Towers an attractive place of residence.

Each of the units features designer finishes; ceramic tile, hardwood and/or plush carpeted floors; modern kitchens with a breakfast bar, dishwasher and built-in microwave; and baths with all-glass shower doors in select units.

On-premises community amenities include elevators, door attendant, well-manicured courtyard, a state-of-the-art fitness center, on-premises laundry facilities, off-street assigned outdoor and covered parking, controlled access and 24-hour property management services.

Forest Hill Towers with its favorable multi-family fundamentals, visual prominence, sought-after strategic location and mass-transit connectivity, as well as proximity to the city’s in-progress and planned revitalization presents an extremely rare multi-family investment opportunity.