NEWARK, NJ — Radiant Property Management LLC recently acquired several hundred units of affordable housing in the City of Newark from Virginia-based Realty Management Associates: Pueblo City, Center City 3 and Johnson Apartments.

Radiant Property Management plans to undertake a $15 million renovation of 209 units of affordable housing at the properties, pending city approval. The proposed transformation will be completed in five phases over 18 months, according to a statement from the company, which announced the deal earlier this month.

KeyBank provided a $22.9 million loan to acquire and rehabilitate a portfolio of 13 buildings. The financing included $10.8 million ($51,574 per unit) that will be used for capital improvements for unit interior upgrades including new windows, roofs, building systems, lighting, boilers/heaters, and ground-up construction for a new 20-unit building, Radiant Property Management stated.