EAST ORANGE, NJ-New Jersey’s urban markets, including EssexCounty, remain the front-runner in terms of multifamily investmenttransaction volume, according to Gebroe-Hammer Associates. Recenthighlights include the trade of 418 total units throughout EastOrange with a combined value of more than $17 million. Thesellers and buyers in the multiple transactions were representedexclusively by David Oropeza, executive vice president, who ledGebroe-Hammer’s brokerage teams.

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“Properties in East Orange and other urban centers countywidehave weathered the economic downturn with higher rates of occupancyand rentals than the national average,” Oropeza tells GlobeSt.com.“The combination of a high population density, high concentrationof job opportunities and easily accessible transportation continuesto make this market among the most attractive in the state.”

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The largest transaction was a $13.35-million note sale involving111, 150 and 253 S. Harrison St. and 195 and 242 Prospect St.,which boast a combined total of 320 units, to TreeTop Development.In a related subsequent deal, the five-story, 42-unit 150 SouthHarrison St. was re-sold for $1.7 million. Steven Tenenbaum,assistant vice president, procured the buyer, a longtimeGebroe-Hammer client. Each of the buildings is slated to undergosignificant renovations to bring them up to more competitive marketstandards.

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“The recessionary environment of the past 18 months has led to awave of distressed debt sales that are now coming on line,” Oropeztells GlobeSt.com. “These types of complex transactions oftenrequire specialized expertise in negotiating and closing a notesale that meets the diverse requirements of the lender.”

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Oropeza also spearheaded the $1.98-million sale of 5 Whitney Pl.and 11-33 Ampere Plaza. In addition to 57 units offering a mix ofone-, two- and three-bedroom units, the all-brick mid-rise complexalso features ground-floor commercial space.

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