(Mark your Calendars! March 7 for RealShare Philadelphia!)
SOUTH ORANGE, NJ-GlobeSt.com has exclusively learned that The Avenue at South Orange, a high-end apartment complex that serves as a cornerstone of the Transit Village here, has traded for $32 million.
Gebroe-Hammer Associates, which orchestrated a 1031 Exchange for the unidentified buyer, says the price for the 79-unit building worked out to about $400,000 per unit – among the highest per-unit prices paid in recent times in New Jersey.
The building also has about 4,000 square feet of ground-floor retail space.
Ken Uranowitz, the G-H president; Joseph Brecher, managing director; and David Jarvis, executive vice-president, exclusively represented the seller, who was the original builder, and identified the buyer.
“Boasting historically high occupancy rates, The Avenue garnered a price in excess of $400,000 per unit, thanks to its transit-oriented location, high-quality lease profiles and an array of on-site Class-A amenities,” says Uranowitz.
Brecher describes the buyer, who recently disposed of three New York properties, as having sought a “high-performing New Jersey asset to complete the back end of the 1031 Exchange,” which is a permitted deferral of capital gains taxes.
Built in 2010, The Avenue at South Orange is set at the heart of the Transit Village here, which was one of the first to be designated a part of the state program encouraging pedestrian-friendly mixed-use developments around mass transit stations.
The building is adjacent to South Orange’s NJ Transit Mid-Town Direct train station, offering express service to Manhattan in about 30 minutes. The Garden State Parkway, South Orange Performing Arts Center, highly-ranked schools, shopping and dining are all nearby.
The Avenue has a mix of studio, one-, two- and three-bedroom apartments with lofts, dens and private terraces in some units. There is a secure lobby and lounge with direct elevator access to all floors, courtyards, a fitness studio, a clubroom and two levels of covered parking. Average monthly rents range from $1,615 to about $3,725.
“These units include a number of high-end custom finishes and are significantly larger than comparable rental units in the area,” notes Brecher.