Gebroe-Hammer Associates recently announced their appointment as exclusive broker for the South Harrison-Clinton Portfolio in East Orange, New Jersey. The 129-unit, three-building collection of apartment properties is listed for $25 million.
The South Harrison-Clinton Portfolio properties include 94 South Harrison Street (46 units), 49 and 55 South Clinton Street (53 units), and 362 and 370 South Harrison Street (30 units). The properties offer a mixture of studio, one-bed, two-bed, and three-bedroom units. These architecturally distinct mid-rise assets are located within less than one mile of each other in the walkable city-center neighborhood of Brick Church.
Gebroe-Hammer’s Executive Managing Director David Oropeza is spearheading the assignment on behalf of Rockledge.
“Collectively and individually, the South Harrison-Clinton Portfolio properties possess historically stabilized occupancy rates for multifamily product that hails from their early-to-mid-20th-Century vintage,” said Oropeza. “In conjunction with its already completed renovations undertaken by current ownership, including kitchen, bath, flooring and community-space capital improvements, each of the properties is primed for upside associated with East Orange’s accelerating redevelopment initiatives.”
East Orange is Essex County’s second-largest city behind its neighbor Newark and has more than $1 billion of development activity in progress. This development activity includes the Crossings at Brick Church Station, City Hall Plaza Redevelopment, North Walnut and William streets, and the emergence of the East Orange Cultural Arts District.
Gebroe-Hammer Associates is a multi-family-focused investment sales brokerage firm based in Livingston, New Jersey.