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July 03, 2019  

Redeveloped NJ Apartments Teed Up

A factory built by Thomas Edison and newly converted to luxury apartments has hit the market in northern New Jersey.The 334-unit Edison Lofts, in West Orange, is valued at about $140 million, or $419,000/unit. A sale at that price would produce a stabilized yield of roughly 5%. HFF is representing the owner, a joint venture between Prism Capital of Bloomfield, N.J., and Dune Real Estate of New York.The redevelopment of the historic Thomas Edison...

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