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.

“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.”

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.

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

© 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.