Phoenix Realty acquires 550 rent-stabilized units in NJ

New York-based national real estate investment firm Phoenix Realty Group said it acquired a portfolio of 548 rent-stabilized apartments in East Orange, N.J., for $24.2 million from Fannie Mae and Dime Savings Bank. The one- and two-bedroom units, located in several distressed multi-family buildings — including 195 Prospect Street — will be operated by Newark-based TreeTop Development, which plans to renovate the buildings with new lobbies, landscaping, elevators and other improvements, and then convert the units to market-rate. TreeTop currently operates a number of rental and condominium properties in Newark, Hoboken and Jersey City as well as Brooklyn.