"Boasting historically high occupancy rates, The Avenue garnered a price in excess of $400,000 per-unit, thanks to its transit-oriented location, high quality lease profiles and an array of on-site Class-A amenities," said Uranowitz.
"We were able to match the property type and urban infill location with the other requirements of the buyer, who recently disposed of three New York properties and sought a high-performing New Jersey asset to complete the back end of the 1031 Exchange," added Brecher.
Built in 2010, The Avenue at South Orange consists of a mix of spacious studio, one-, two- and three-bedroom luxury residences with lofts, dens and private terraces in select units. On-site amenities include a secure lobby and lounge with direct elevator access to all floors, private terrace courtyards, a fitness studio, a clubroom and two levels of covered parking. Average monthly rents range from $1,615 to about $3,725, depending on the unit.
"These units include a number of high-end custom finishes and are significantly larger than comparable rental units in the area," said Brecher. The building is adjacent to South Orange's NJ Transit Mid-Town Direct train station, offering express service to Manhattan in about 30 minutes. The Garden State Parkway, South Orange Performing Arts Center, highly regarded public schools, and abundant shopping and dining all are nearby.
The Avenue at South Orange has been the cornerstone of South Orange's pedestrian-friendly central business district revitalization program. The municipality was among the first in the state designated as a Transit Village, demonstrating its commitment to revitalizing and redeveloping the area around its transit facility into a mixed-use neighborhood with a strong residential component.
Legal counsel for the trade was provided by Alan R. Hammer, Esq., and Jeffrey H. Itzkowitz, Esq., of Brach Eichler LLC on behalf of the seller, and John McNamara, Esq., of Geringer & Dolan LLP for the buyer.
Based in Livingston, N.J., Gebroe-Hammer Associates specializes in suburban and urban high-rise, mid-rise and garden-apartment properties throughout New Jersey, New York and Pennsylvania, including Philadelphia. The firm also markets mixed-use and free-standing office and retail properties on behalf of a wide range of clients. Widely recognized for its consistent sales performance, Gebroe-Hammer is an eight-time CoStar Power Broker.