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Gateway Sale Sets a Per-Unit Record for Essex County, NJ

SOUTH ORANGE, NJ—With a per unit price approaching $550,000, the sale of The Gateway exceeded the previous record for the highest sale price per unit for an apartment building in all of Essex County by more than $100,000 per unit according to data available from Real Capital Analytics.

By Steve Lubetkin | stevelubetkin | Updated on August 15, 2016

The Gateway, 9 West South Orange Avenue, South Orange, NJ The Gateway, 9 West South Orange Avenue, South Orange, NJ

SOUTH ORANGE, NJ—A partnership of EEA Industries and Soundview Real Estate Partners—and affiliates South Orange Commons Tenant and South Orange Commons III Urban Renewal—has sold The Gateway, a new highly-acclaimed transit-oriented development with 57 luxury apartments and 9,000 square feet of Class A retail space in downtown South Orange, NJ, to Shamah Properties, a private investor, for $32.77 million.

With a per unit price approaching $550,000, the sale of The Gateway exceeded the previous record for the highest sale price per unit for an apartment building in all of Essex County by more than $100,000 per unit according to data available from Real Capital Analytics, a proprietary real estate research firm.

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