Gebroe-Hammer Associates recently announced the sale of an East Orange multi-family portfolio for $11.75 million.
The City Center apartment property package totaled 88 units which included 255 Prospect Street (42 units) and 284 Prospect Street (46 units). Both properties are garden-style buildings in a tree-lined residential neighborhood. Collectively, the two properties contain a mix of studio to three-bedroom layouts, with some of the units undergoing recent renovations.
The sale was arranged by Gebroe-Hammer Associates’ Executive Managing Director David Oropeza along with Senior Vice President Debbie Pomerantz. They exclusively represented the seller, F&C Realty Co., LLC, and procured the buyer, a private investor, in the transaction
“East Orange’s multi-family investment and redevelopment momentum has accelerated in the past 18–24 months,” said Oropeza. “Characterized by a multi-family-dense, early-to-mid-20th-century vintage of properties, the city has approximately 30% of its dwellings classified as small apartment buildings and 50% as mid-to-larger apartment complexes. As such, the existing housing stock is ripe for repositioning while under-utilized parcels are primed redevelopment.”
Oropeza further remarked about East Orange, “In just the past decade, East Orange has evolved from its urban-industrial roots to become a popular residential, business, and tourist destination favored by professionals who work throughout North and Central Jersey as well as New York City,” said Oropeza. “The city also experienced a surge in apartment-rental demand during the COVID-19 pandemic with the migration of former big-city dwellers who have chosen to remain in place in what has become a ‘new norm’ work-from-home era.”
Gebroe-Hammer Associates is a Livingston, New Jersey, based firm that offers brokerage activities concentrating on all multi-family types to serve the investment needs of a long-term client base of institutional investors, private equity funds, REITs, family offices, and private individuals.