EAST ORANGE, NJ-Although New Jersey’s larger cities have dominated the multifamily investment arena during the past 12 months, urban markets like the Oranges are gaining new ground in terms of for-sale properties and deal velocity, says Gebroe-Hammer Associates' managing director, Ken Uranowitz. The Livingston, NJ-based commercial brokerage firm recently closed four separate transactions throughout the area that involved 140 units being traded for a total of more than $6.75 million. Gebroe-Hammer served as the exclusive sales broker representing the sellers and buyers for each property.

“Multifamily properties throughout the Oranges have been, and remain, quite consistent in terms of occupancy and average rental rates,” says David Oropeza, executive vice president, who spearheaded the Gebroe-Hammer brokerage teams for each deal. “Orange and East Orange boast a solid working-class tenant base, a very high population density and an easily accessible transportation network--all of which have strong appeal among renters and investors.”

The largest transaction involved the $3.25-million sale of 47 units at 466 Highland Ave. in Essex County’s Orange Township. Gebroe-Hammer executive vice president David Jarvis, along with Oropeza, represented both the seller, 466 Realty Management LLC, and the buyer, a longtime client of the firm. Built in 1933, the five-story Tudor-style building’s mix of studio, one-, two- and three-bedroom units have been continually upgraded throughout the years. The property also has 31 private parking garages on-site.