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.”
A five-story, 264-unit midrise, 24 S. Grove St. has a front courtyard and a mix of studio and one-bedroom layouts. 25 N. Harrison St. has 70 units near a high concentration of national, regional and local retailers, all within a short walking distance. To the south is the 84-unit 235 S. Harrison, a mid-rise property with on-site parking. Rounding out the package is the 64-unit, five-story 107 New St.
Oropeza and Gebroe-Hammer executive vice president David Jarvis also recently brokered the $3.1 million trade of 61 S. Munn Ave. with 35 apartment units in the East Orange General Hospital neighborhood.
CORRECTION, 6/29/2016 8:56 a.m.: An earlier version of this story reported the sale price of the four-property portfolio as $11.4 million. The actual sale price was $12 million, according to Ken Uranowitz, president of Gebroe-Hammer Associates.
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.”
A five-story, 264-unit midrise, 24 S. Grove St. has a front courtyard and a mix of studio and one-bedroom layouts. 25 N. Harrison St. has 70 units near a high concentration of national, regional and local retailers, all within a short walking distance. To the south is the 84-unit 235 S. Harrison, a mid-rise property with on-site parking. Rounding out the package is the 64-unit, five-story 107 New St.
Oropeza and Gebroe-Hammer executive vice president David Jarvis also recently brokered the $3.1 million trade of 61 S. Munn Ave. with 35 apartment units in the East Orange General Hospital neighborhood.
CORRECTION, 6/29/2016 8:56 a.m.: An earlier version of this story reported the sale price of the four-property portfolio as $11.4 million. The actual sale price was $12 million, according to Ken Uranowitz, president of Gebroe-Hammer Associates.
Want to continue reading?
Become a Free ALM Digital Reader.
Once you are an ALM Digital Member, you’ll receive:
- 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
*May exclude premium content© 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.
Steve Lubetkin
Steve Lubetkin is the New Jersey and Philadelphia editor for GlobeSt.com. He is currently filling in covering Chicago and Midwest markets until a new permanent editor is named. He previously filled in covering Atlanta. Steve’s journalism background includes print and broadcast reporting for NJ news organizations. His audio and video work for GlobeSt.com has been honored by the Garden State Journalists Association, and he has also been recognized for video by the New Jersey Chapter of the Society of Professional Journalists. He has produced audio podcasts on CRE topics for the NAR Commercial Division and the CCIM Institute. Steve has also served (from August 2017 to March 2018) as national broadcast news correspondent for CEOReport.com, a news website focused on practical advice for senior executives in small- and medium-sized companies. Steve also reports on-camera and covers conferences for NJSpotlight.com, a public policy news coverage website focused on New Jersey government and industry; and for clients of StateBroadcastNews.com, a division of The Lubetkin Media Companies LLC. Steve has been the computer columnist for the Jewish Community Voice of Southern New Jersey, since 1996. Steve is co-author, with Toronto-based podcasting pioneer Donna Papacosta, of the book, The Business of Podcasting: How to Take Your Podcasting Passion from the Personal to the Professional. You can email Steve at [email protected].
