EAST ORANGE, NJ—A portfolio of five multifamily properties in East Orange, Essex County, NJ, traded for $19.6 million. The properties were previously owned by KEC Properties and an apparently related entity, according to Real Capital Analytics, a proprietary research database. Buyers' names could not be determined immediately.
The Kislak Co., which brokered the transaction, says it's the largest multifamily sale in East Orange since 2012 based on CoStar data.
The properties included in the sale were:
- 49 Prospect Street with 53 units;
- 60 North Arlington Avenue with 52 units;
- 112 Lincoln Street with 44 units;
- 17 Summit Street with 42 units and;
- 440-450 Prospect Street with 31 units.
Only 60 North Arlington Avenue is not listed by Real Capital Analytics as owned by KEC Properties. That property is owned by 60 North Arlington Owner LLC, which shares the same 60 South Munn Avenue mailing address with KEC Properties in East Orange. Kislak's Robert Squires represented the seller and Jonathan Greenberg represented the purchaser.
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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].
