"Thanks to Essex County's unique positioning in the New York-metro commuter corridor, this Northern New Jersey market consistently demonstrates strong multi-family performance at competitive trading prices, making it extremely appealing to portfolio and single-property investors alike," said Ken Uranowitz, managing director.
The largest transaction, arranged by Executive Vice Presidents Joseph Brecher and David Oropeza, involved the $14.2 million sale of five multi-family buildings in Orange. Located at 133 and 147 Cleveland St. and 385, 394 and 431 Park Ave., the three-story elevator buildings contain a total of 236 apartments offering a mix of studio, one- , two- and three-bedroom layouts. According to Gebroe-Hammer, average rents for the area range from approximately $650 for a studio to $1,500 for three-bedrooms.
Exclusively representing a private global investment fund, Oropeza and Brecher also transacted the sale of a portfolio of four East Orange buildings for $9.5 million. The 29, 33 and 56 South Munn Ave. and 7 Chestnut St. buildings are comprised of a total of 199 apartments. Featuring balconies and a mix of outdoor and garage parking, 56 South Munn Ave. is an eight-story building with two elevators. The remaining properties are four-story, single-elevator buildings, with the Chestnut Street property also offering garage spaces.
"East Orange lies at the crossroads of major transportation arteries, including the Garden State Parkway and Route 280," noted Oropeza. "The city is less than eight miles from Newark Liberty International Airport and offers direct rail and bus links to Manhattan. It's a true live/work hub, which reinforces on-going market demand for multi-family properties in all class categories, particularly existing Class-B and Class-C product."
The team of Oropeza and Uranowitz also completed a $1.9 million note sale for two buildings on Chancellor Avenue in Newark. The five-story elevator buildings contain 36 and 37 apartments, respectively. Located near a city park, retail and public transportation are within walking distance.
"The rise of the ‘renter nation' phenomenon, whereby consumers continue to favor renting instead of homeownership, is reinforcing solid occupancy rates in the high 90th percentile range," said Brecher.
Rounding out Gebroe-Hammer's Essex County transactions is the $620,000 sale of 25 units at 293-299 Schley St. in Newark orchestrated by David Jarvis, executive vice president and the firm's inner-city market specialist.
Gebroe-Hammer markets suburban and urban high-rise, mid-rise and garden-apartment buildings as well as mixed-use and free-standing office and retail properties throughout New Jersey, New York and Pennsylvania, including Philadelphia, and the Northeast. Established in 1975 by industry icons Mel Gebroe and Morris Hammer, Gebroe-Hammer's client base includes private owners, REITS, private equity firms and other institutional investors. Widely recognized for its consistent sales performance, the firm is an eight-time CoStar Power Broker.