EAST ORANGE, NJ—In one of Northern New Jersey's most rapidly transforming urban transit hubs, Gebroe-Hammer Associates has arranged the $12 million sale of a four-building East Orange multifamily portfolio. The properties are located at 24 South Grove, 25 North and 235 South Harrison and 107 New Streets.
Managing director David Oropeza exclusively represented the seller and procured the buyer, who were not identified, in the transaction, which included 482 units.
“East Orange's greatest assets are its mass transit links, which have drawn copious private investment that is the ongoing stimulus for revitalization initiatives as well as the introduction of millennials into the tenant-base demographic,” says Oropeza. “As a result, East Orange's population renting percentage continues to climb and exceed the state average.”
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