Two affordable housing properties, Livingston Homes and Somerset Homes, in Newark, N.J., have been sold.
The developments are 100% project-based Sec. 8 properties that have 120 townhome-style units.
The buyer was L+M Development Partners, and the seller was Livingston & Somerset Homes, LP, according to Dane Real Estate, which brokered the $11 million transaction.
“These project-based Sec. 8 and LIHTC (low-income housing tax credit) properties represent Newark¹s future and will ensure that the strong economic development continues,” said Heidi Burkhart, president of Dane Real Estate. “We are constantly working to preserve and create new affordable housing for those employed at our area businesses.”