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Orbach Sells Three Buildings for $12M

FORT LEE, NJ-The trio of rental properties--totaling 106 units--were acquired in 2007 as part of a $45-million portfolio buy, and now belong to Lenox Real Estate Partners.

By Eric Peterson | Updated on September 12, 2008

FORT LEE, NJ-The Orbach Group, based here, has sold three rental apartment buildings in New Jersey, adding up to 106 units for $12 million, or more than $113,200 per unit. The buyer was Lenox Real Estate Partners, also locally based.

“We’re leveraging the proceeds on the sale of these properties to strategically realign our portfolio,” says Meyer Orbach, president and CEO of the Orbach Group. The proceeds will enhance our ability to expand into the Manhattan real estate market.”

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