A 44-unit, c.1928 apartment building was recently sold in East Orange, New Jersey.
Located at 75 Prospect Street, the ten-story building mostly contains three- and four-bedroom apartments, with a majority of the apartments running from the front to the rear of the building. The property is situated approximately a 5-minute walk from the Brick Church train station and less than two miles from the entrance ramps to the Garden State Parkway and I-280
The apartment building’s owner and operator, OneWall Communities, was represented by the CBRE Institutional Properties team of Jeffrey Dunne, Jeremy Neuer, Rich Gatto, Fahri Ozturk, and Zach McHale. The CBRE team was also responsible for procuring the buyer for the transaction.
CBRE Vice Chairman, Mr. Jeffrey Dunne commented, “This is a one-of-a-kind asset in the East Orange market. The average size of the apartments, 1,860 sq. ft., is unmatched and will likely never be replicated. The buyer thoroughly recognized the uniqueness of 75 Prospect and acted quickly and aggressively to secure the deal.”