The four-story Lincoln Street property and three-story Prospect Street complex were fully occupied at the time of sale. Each has a mix of one-and two-bedroom units and features on-site laundry facilities and parking.

“As one of New Jersey's most populous municipalities, East Orange has a very strong tenant base,” said Nicolaou. “Also, proximity to mass transit and employment hubs like Newark and a high concentration of existing multi-family product.”

Nicolau said the buyer of the properties was a seasoned investor who was attracted by all those qualities.

Oropeza said, “Demand for multi-family investments throughout East Orange is not

only contributing toward the city's urban revitalization, it is having a 'spill-over effect' in terms of investment demand for Orange and South Orange as well.”

He cited the recent $24 million sale of an East Orange/Orange multi-family portfolio that he arranged as an example of the trend.

Gebroe-Hammer Associates specializes in suburban and urban high-rise, mid-rise and garden-apartment properties throughout New Jersey, New York and Pennsylvania, including Philadelphia. The firm also markets mixed-use and free-standing office and retail properties on behalf of long-term clients, including private owners, REITS, private equity firms and other institutional investors.