In addition to the sale of Reynolds Terrace Apartments, Gebroe-Hammer's market specialists recently closed three additional multi-family property sales in nearby East Orange and Newark. In total, the Livingston, N.J.-based firm arranged seven transactions involving more than 1,300 units in eight weeks throughout the East Essex submarket, which includes The Oranges and Newark as well as Irvington, Bloomfield, Nutley and Belleville.

Recent sales highlights include 35 units at 130 Chancellor Ave. ($3.15 million) and 23 units ($2.675 million) in the North Broadway section of Newark, as well as a two-property package at 38 S. Walnut St. ($2.6 million) and 12 units at 66 Lenox Ave. ($1.7 million) in East Orange. Oropeza, Tragash and SVP David Jarvis represented the seller and procured the buyer of the Chancellor Avenue property while Jarvis orchestrated the North Broadway transaction and Oropeza arranged the East Orange trades.

"In just the past decade, East Essex has evolved from its urban industrial roots to become a popular residential, business and tourist destination favored by millennial and executive-level professionals working locally or out-commuting to New York City," Oropeza notes. "The region has led—and continues to lead—the state in the rebuilding and rehabilitation of its existing housing stock. Demand is at all-time high levels for repositioning opportunities involving well-established, pre-1960s-era multi-family buildings within 'urbanesque' submarkets undergoing an architectural and population transformation."