EAST ORANGE, NJ—CBRE has arranged the $5.5 million sale of four multifamily properties known as the East Orange Portfolio. The properties are located at 6 Glenwood Ave., 30 Beech St., 46 South Arlington Ave. and 345 Williams St. in East Orange, NJ. With 73 units, the complex totals more than 74,500 square feet, with a mix of one-, two- and three-bedroom units.
CBRE Capital Markets Investment Properties' Charles Berger and Mark Silverman, in New Jersey, and Elli Klapper, in New York, represented the seller, a long-time CBRE client, and procured the buyer in the transaction, securing an aggressive cap rate and price-per-unit figure. Adding to its existing portfolio of Essex County properties, the new owner plans to hold the multifamily complex for investment purposes.
“The CBRE Tri-State Investment Properties team is one of the most active brokerage teams of multifamily properties in the northern New Jersey market,” says Berger. “We are proud to have achieved an aggressive sale price for our long-time client, both on a cap rate and price per unit basis, and by the same token provided the buyer with fully-renovated properties in an ideal transit-oriented location with value-add potential. On the footsteps of this successful transaction, we have just released to market a rare opportunity for investors to purchase a 251-unit multifamily portfolio in Newark.”
Continue Reading for Free
Register and gain access to:
- Breaking commercial real estate news and analysis, on-site and via our newsletters and custom alerts
- Educational webcasts, white papers, and ebooks from industry thought leaders
- Critical coverage of the property casualty insurance and financial advisory markets on our other ALM sites, PropertyCasualty360 and ThinkAdvisor
Already have an account? Sign In Now
© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.