EAST ORANGE, NJ—In what has become one of New Jersey's exclusive emerging neighborhoods, three East Orange high-rise multi-family towers totaling 249 units located along South Harrison Street changed hands for $27.15 million.

The Gebroe-Hammer Associates brokerage team of managing directors David Oropeza and Joseph Brecher exclusively represented the seller and identified the buyer, respectively. Gebroe-Hammer did not disclose the names, but Real Capital Analytics, a proprietary research database, indicates that two of the buildings were owned by a joint venture of TreeTop Development and Phoenix Realty Group, which acquired them from Fannie Mae.

The East Orange Towers portfolio includes 106, 111 and 120 South Harrison St., located in the historic Main Street/South Harrison Street residential neighborhood. Primarily comprised of small-to-high-rise apartment-rental properties, 99 percent of the area's real estate is occupied by renters – the highest rate of renter occupancy of any neighborhood nationally, Gebroe-Hammer says its research shows. The portfolio's units span 119 units at 106 South Harrison, 86 units at 111 South Harrison and 44 units at 120 South Harrison Street. The overall unit mix includes 3 studio, 142 one-bedroom, 83 two-bedroom and 21 three-bedroom layouts.