N ew J ersey 2B — November 19 - December 23, 2021 — New Jersey — M id A tlantic Real Estate Journal
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641-unit acquisition marks Spaxel’s largest in New Jersey to date Gebroe-Hammer inks $113M sale of prime South Harrison/East Orange multifamily portfolio
AST ORANGE, NJ — Gebroe-Hammer As- sociates has arranged the $113M sale of a 641-unit workforce-housing portfolio in the city of East Orange. Ex- ecutive managing director Jo- seph Brecher engineered the transaction, along with execu- tive managing director David Oropeza and executive vice president Niko Nicolaou , on behalf of Milrose, the seller, and Spaxel, the buyer. The City Center-South Harrison Portfolio acquisition marked the largest in New Jersey for Spaxel to date. E
servicers – we were able to suc- cessfully execute a two-phase closing just one month apart,” he said. Situated within two miles of one another, the high-identity early-to-late-20th-Century buildings are in the heart of East Orange, a state-desig- nated transit village where sweeping revitalization initia- tives are accelerating. Com- bined, the portfolio features a mix of one-, two-, three and four-bedroom layouts, some of which have three baths. The City Center-South Harri- son Portfolio properties include:
a section of the MARE Journal Phone: 781-740-2900 www.marej.com S ection P ublishers Linda Christman lchristman@marejournal.com Lea Christman lea@marejournal.com NJPA As Essex County’s second largest city behind its neigh- bor Newark, East Orange has more than $1B in development activity underway. This wave of revitalization is not only a catalyst for diversification of the city’s existing tenant pool, it also is having positive rip- pling effects on existing mul- tifamily properties poised for repositioning. As a result, the city is drawing retailers with a strong regional and national presence, boasts a wide array of recreational spaces and has a budding East Orange Cul- tural and Arts District. MAREJ 106 S. Harrison St. (119 units), 111 S. Harrison St. (86 units), 120 S. Harrison St. (44 units), 158 S. Harrison St. (58 units), 179 S. Harrison St. (50 units), 255 S. Harrison St. (88 units), 275 S. Harrison St. (33 units), 296 S. Harrison St. (44 units), 94 S. Harrison St./The Renais- sance Apartments (61 units) and 650 Park Ave./The Grand (58 units). “Each of these properties benefits from East Orange’s greatest asset – its transit connectivity,” said Brecher. “They all are a short walk to Brick Church Station, which offers Midtown-Manhattan Direct service along the Morris & Essex Line and have front- door NJ Transit service along five routes. Of course, highway access ramps to the Garden State Parkway, I-280 and secondary roadways round out the transportation choices for local residents.” “Collectively, the properties possess inherent value-add characteristics and a percent- age of units that have been upgraded during the past four years or so,” said Oropeza, who is the firm’s East Orange/East Essex County market special- ist. “As a result, the properties are primed for continuation of in-place enhancements under new ownership and further repositioning maturation.”
111 S. Harrison St.
According to Brecher, the complex sale required a two- tranche closing structure that allowed for loan assumptions on three of the 10 properties by
the buyer. “While we tapped into our expertise to facilitate the existing loan assumptions – a process that required coor- dination with three separate
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