IRVINGTON, MONTCLAIR, AND EAST ORANGE, NJ—The fervor for multifamily property investments near major transportation arteries throughout Essex County is escalating as buyers expect interest rates to rise, say the multifamily experts at Gebroe-Hammer Associates.
The Livingston-based firm recently arranged four trades totaling 176 units on behalf of private investors in Irvington, Montclair and East Orange, where major highways include the Garden State Parkway, I-280 and I-78.
“Investors who traditionally target Essex County's high concentration of existing apartment properties are exploring virtually any and all options, from class A to class B and class C product, to newly renovated versus value-add opportunities,” says David Oropeza, managing director and the firm's Essex County market specialist. “An overwhelming majority of these potential buyers are private individuals who have been and continue to be the sustaining force behind New Jersey's multi-family market, in terms of ownership and investment.”
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