Two East Orange Area Multifamily Properties Trade for Nearly $13M
The 10-story property was sold to a private investor for $11.6 million, according to Gebroe-Hammer's David Oropeza, who represented the seller and procured the buyer of the 76-unit property.
EAST ORANGE—Brokerage firm Gebroe-Hammer Associates reports it has brokered two separate multifamily sale transactions n East Orange and Irvington, including the trade of the property known as the “Crossroads of New Jersey.”
The 10-story property at 243 South Harrison St., was sold by Milrose 243 Harrison LLC to a private investor for $11.6 million, according to Gebroe-Hammer executive managing director David Oropeza, who represented the seller and procured the buyer of the 76-unit property.
The building features all one-bedroom/one-bath layouts with vaulted ceilings. Built in 1962, the hi-rise underwent extensive renovations prior to sale that included new hardwood flooring throughout, updated kitchens with granite countertops and baths, and renovated community spaces, elevators and building systems.
Centrally located at the crossroads of I-280 and the Garden State Parkway, 243 South Harrison St. is one block from NJ Transit’s Brick Church Station offering 20-minute Midtown direct train service. It also is just five and 20 minutes away from employment hubs in Downtown Newark and Jersey City, respectively.
“243 South Harrison Street Apartments is a prominent landmark along this important redevelopment and commercial corridor anchored by Brick Church Station,” says Oropeza. He adds that the neighborhood—and South Harrison Street specifically— have a high concentration of on-the-books redevelopment projects underway that are contributing toward positive property-value appreciation and drawing new investors.
In response to this activity, historically stabilized properties are being repositioned to attract today’s 20-to-30-something tenant base of working graduate students, post-bac grads and millennials, Oropeza notes.
Approximately three miles away from that property, Gebroe-Hammer Associates closed the $1.26-million sale of 16 units in the Township of Irvington. Oropeza, along with EVP Niko Nicolaou, exclusively represented the seller, a banking institution, and procured the out-of-state buyer, Billionaires Funding Group LLC.
The property at 1 Roosevelt Terrace, is at the corner of Grove Street just blocks from Newark’s historic West Ward. Constructed in 1927, the property features 12 one-bedroom and four, two-bedroom layouts.