6B — October 11 - 24, 2019 — New Jersey — M id A tlantic
Real Estate Journal
www.marej.com
N ew J ersey
RANGE, NJ — In the North Jersey Metro’s high-population and Firm’s latest East Essex County trades involve 1,300+ units Gebroe-Hammer Associates arranges sale of Reynolds Terrace Apartments in Orange for $16.65 million O
layouts within a tree-lined resi- dential neighborhood, Reynolds Terrace Apartments is a prime example of what today’s inves- tors are seeking throughout the East Essex Region – a quick walk to mass transit, proxim- ity to blue-chip employers and accessible neighborhood conveniences,” said Tragash. “Properties of this size and cali- ber will benefit from long-term value appreciation associated with favorable demographic patterns forecasted for the next 5 – 10+ years.” In addition to the sale of Reynolds Terrace Apartments,
Gebroe-Hammer’s market spe- cialists recently closed three additional multi-family prop- erty sales in nearby East Or- ange and Newark. In total, the Livingston-based firm has arranged seven transactions involving over 1,300 units in eight weeks throughout the East Essex submarket, which includes The Oranges and Newark as well as Irvington, Bloomfield, Nutley and Bel- leville. Recent sales highlights in- clude 35 units at 130 Chan- cellor Ave. ($3.15M) and 23 units ($2.675M) in the North
Broadway section of Newark, as well as a two-property pack- age at 38 S. Walnut St.($2.6M) and 12 units at 66 Lenox Ave. ($1.7M/$141,667 per unit) in East Orange. Oropeza, Tragash and executive vice president David Jarvis represented the seller and procured the buyer of the Chancellor Ave. property while Jarvis orchestrated the North Broadway transaction and Oropeza arranged the East Orange trades. “In just the past decade, East Essex has evolved from its ur- ban industrial roots to become a popular residential, business and tourist destination favored by millennial and executive- level professionals working locally or out-commuting to NYC,” said Oropeza, who has been the firm’s urban-core market specialist since start- ing his brokerage career with Gebroe-Hammer 33 years ago. “The region has led – and con- tinues to lead – the state in the rebuilding and rehabilitation of its existing housing stock. De- mand is at all-time high levels for repositioning opportunities involving well-established, pre-1960s-era multi-family buildings within ‘urbanesque’ submarkets undergoing an architectural and population transformation.” In addition to sweeping re- vitalization initiatives that generate value-add and devel- opment opportunities, inves- tors are drawn to East Essex’s transit infrastructure and prox- imity to Manhattan, less than 10 miles away. In total, the county has three primary inter- states – I-95, 78 and 80 – and one auxiliary – I-280. It also has four U.S. Routes, including 1 & 9, Truck Rte. 1 & 9, 22 and 46. Perhaps East Essex’s most important state road is the Gar- den State Parkway. Rounding out East Essex’s transit options is a far-reaching NJ Transit commuter rail, light rail and bus-route network. With a focus on urban mid- and high-rises as well as sub- urban garden-apartment prop- erties, Gebroe-Hammer’s geo- graphic areas of concentration are centered in New Jersey and extend to southeast Pennsyl- vania and southern New York State. The firm is widely rec- ognized for its consistent sales performance and is a 15-time CoStar Power Broker as well as the only Northeast firm named a Multi-Family Influencer for 2018.
high-building-density pocket of East Essex County, Gebroe- Hammer Associates has arranged the $16.65 million sale of Reynolds Terrace Apart- ments, a nine-story midrise comprised of 120 apartment units at 248 Reynolds Terr. in the City of Orange. The firm’s executive vice president Ste- phen Tragash and executive managing director David Oro- peza represented the seller, 248 Reynolds Terrace, LLC, and procured the buyer, a pri-
248 Reynolds Terr.
vate investor. “Featuring a mix of studio and one- and two-bedroom
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