EAST ORANGE, NJ-Although New Jersey’s larger cities havedominated the multifamily investment arena during the past 12months, urban markets like the Oranges are gaining new ground interms of for-sale properties and deal velocity, says Gebroe-HammerAssociates' managing director, Ken Uranowitz. The Livingston,NJ-based commercial brokerage firm recently closed four separatetransactions throughout the area that involved 140 units beingtraded for a total of more than $6.75 million. Gebroe-Hammer servedas the exclusive sales broker representing the sellers and buyersfor each property.

“Multifamily properties throughout the Oranges have been, andremain, quite consistent in terms of occupancy and average rentalrates,” says David Oropeza, executive vice president, whospearheaded the Gebroe-Hammer brokerage teams for each deal.“Orange and East Orange boast a solid working-class tenant base, avery high population density and an easily accessibletransportation network--all of which have strong appeal amongrenters and investors.”

The largest transaction involved the $3.25-million sale of 47units at 466 Highland Ave. in Essex County’s Orange Township.Gebroe-Hammer executive vice president David Jarvis, along withOropeza, represented both the seller, 466 Realty Management LLC,and the buyer, a longtime client of the firm. Built in 1933, thefive-story Tudor-style building’s mix of studio, one-, two- andthree-bedroom units have been continually upgraded throughout theyears. The property also has 31 private parking garageson-site.

Want to continue reading?
Become a Free ALM Digital Reader.

  • Unlimited access to GlobeSt and other free ALM publications
  • Access to 15 years of GlobeSt archives
  • Your choice of GlobeSt digital newsletters and over 70 others from popular sister publications
  • 1 free article* every 30 days across the ALM subscription network
  • Exclusive discounts on ALM events and publications
NOT FOR REPRINT

© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.