EAST ORANGE, NJ-New Jersey’s urban markets, including Essex County, remain the front-runner in terms of multifamily investment transaction volume, according to Gebroe-Hammer Associates. Recent highlights include the trade of 418 total units throughout East Orange with a combined value of more than $17 million. The sellers and buyers in the multiple transactions were represented exclusively by David Oropeza, executive vice president, who led Gebroe-Hammer’s brokerage teams.

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

The largest transaction was a $13.35-million note sale involving 111, 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 South Harrison St. was re-sold for $1.7 million. Steven Tenenbaum, assistant vice president, procured the buyer, a longtime Gebroe-Hammer client. Each of the buildings is slated to undergo significant renovations to bring them up to more competitive market standards.

“The recessionary environment of the past 18 months has led to a wave of distressed debt sales that are now coming on line,” Oropez tells GlobeSt.com. “These types of complex transactions often require specialized expertise in negotiating and closing a note sale that meets the diverse requirements of the lender.”

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 of one-, two- and three-bedroom units, the all-brick mid-rise complex also features ground-floor commercial space.