EAST ORANGE, NJ—A portfolio of five multifamily properties in East Orange, Essex County, NJ, traded for $19.6 million. The properties were previously owned by KEC Properties and an apparently related entity, according to Real Capital Analytics, a proprietary research database. Buyers' names could not be determined immediately.

The Kislak Co., which brokered the transaction, says it's the largest multifamily sale in East Orange since 2012 based on CoStar data.

The properties included in the sale were:

49 Prospect Street with 53 units;
60 North Arlington Avenue with 52 units;
112 Lincoln Street with 44 units;
17 Summit Street with 42 units and;
440-450 Prospect Street with 31 units.

Only 60 North Arlington Avenue is not listed by Real Capital Analytics as owned by KEC Properties. That property is owned by 60 North Arlington Owner LLC, which shares the same 60 South Munn Avenue mailing address with KEC Properties in East Orange. Kislak's Robert Squires represented the seller and Jonathan Greenberg represented the purchaser.

“This was an extraordinary sale in a very competitive market,” says Robert Holland, president. “The market for multifamily properties remains very strong throughout our core markets, especially northern New Jersey. East Orange is no exception with its strong rental market, low vacancies and close proximity to New York City. Rob and Jon did an exceptional job facilitating this transaction and guiding it through to closing.”

Robert Squires, left and Jonathan Greenberg, Kislak Company vice presidents

All of the properties are located near each other and are all within walking distance of the Brick Church and East Orange train stations. They were fully occupied at the time of closing.

“There is huge demand for well-maintained apartment buildings in East Orange, especially for those within walking distance of mass transit,” says Squires. “We brought this portfolio to a group we have worked with previously who were comfortable closing a transaction of this size. The transaction progressed relatively smoothly and the buyer took advantage of today's historically low interest rates.”

“There are new standards for pricing and cap rates as more and more properties trade,” says Greenberg. “While this transaction was under contract, several other properties closed for higher prices, reconfirming the buyer's understanding that East Orange has great potential for appreciation.”

The Kislak Co., which brokered the transaction, says it's the largest multifamily sale in East Orange since 2012 based on CoStar data.

The properties included in the sale were:

49 Prospect Street with 53 units;
60 North Arlington Avenue with 52 units;
112 Lincoln Street with 44 units;
17 Summit Street with 42 units and;
440-450 Prospect Street with 31 units.

All of the properties are located near each other and are all within walking distance of the Brick Church and East Orange train stations. They were fully occupied at the time of closing.

Instant Insights /

KEC Properties' 222-Unit East Orange Multifamily Portfolio Sells for $19.6M

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