LIVINGSTON, NJ–Gebroe-Hammer Associates arranged four transactions involving a total of 533 units sold for a combined $26.22 million in 21 days in Essex County recently.
“Thanks to Essex County’s unique positioning in the New York-metro commuter corridor, this northern New Jersey market consistently demonstrates strong multi-family performance at competitive trading prices,” says Ken Uranowitz, managing director of Gebroe-Hammer. Still, Uranowitz described the recent activity as a strong “wave” of commitment from both portfolio and single-property investors.
The largest transaction, arranged by Joseph Brecher and David Oropeza, involved the $14.2 million sale of five multi-family buildings in Orange. Located at 133 and 147 Cleveland St. and 385, 394 and 431 Park Ave., the three-story elevator buildings contain a total of 236 apartments including studios, one-, two- and three-bedrooms. According to Gebroe-Hammer, average rents for the area range from about $650 for a studio to $1,500 for three-bedrooms.
Exclusively representing a private investment fund, Oropeza and Brecher also accomplished the sale of a portfolio of four East Orange buildings for $9.5 million. The 29, 33 and 56 South Munn Ave. and 7 Chestnut St. buildings comprise a total of 199 apartments. The building at 56 South has eight stories and two elevators. The remaining properties are four-story, single-elevator buildings.
“East Orange lies at the crossroads of major transportation arteries, including the Garden State Parkway and Route 280,” notes Oropeza. “The city is less than eight miles from Newark Liberty International Airport and offers direct rail and bus links to Manhattan. It’s a true live/work hub, which reinforces on-going market demand for multi-family properties in all class categories, particularly existing class-B and class-C product.”
The team of Oropeza and Uranowitz also completed a $1.9 million note sale for two buildings on Chancellor Avenue in Newark. The five-story elevator buildings, located near a city park, have 36 and 37 apartments, respectively. Retail and public transportation are within walking distance.
“The rise of the ‘renter nation’ phenomenon, whereby consumers continue to favor renting instead of homeownership, is reinforcing solid occupancy rates in the high 90th percentile range,” says Brecher.
The fourth Gebroe-Hammer transaction was a $620,000 sale of 25 units at 293-299 Schley St. in Newark orchestrated by David Jarvis, the firm’s inner-city market specialist.
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