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.

|

Just a few miles away in East Orange, Gebroe-Hammer also closedthree additional transactions. Highlights include the $1.4-millionsale of 30 units at 69 N. Arlington Ave., a four-story all-brickfa

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.