SOUTH ORANGE, NJ-KEC Properties acquired three multifamily properties in East Orange in one week this month:
- 112 Lincoln Street and 444 Prospect Street, acquired Dec. 16, and
- 75 Prospect Street, Dec. 18.
The purchases were made from different sellers. The total price paid for the three properties with a total of 118 units was $11.7 million.
This expands KEC'S apartment portfolio in East Orange to 374 units, and its statewide portfolio to 750 units.
"We're particularly excited about the purchase of 75 Prospect Street," said Joshua Kahr. "We can take most of the oversized units and cut them down from four and five bedroom units to one and two bedroom units.
“By aligning the size of the units with the needs of today's families,” Kahr said, “we'll be able to double the number of units and grow the rent roll substantially."
Cliff Corrall of KEC said the company is continuing to build its platform of providing affordable quality housing for working class tenants in urban areas. The East Orange acquisitions are in line with a strategy of purchasing Class B assets an repositioning them.
“Economies of scale in this market will only make us more efficient," said Corrall.
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