2B — July 23 - August 19, 2021 — New Jersey — M id A tlantic Real Estate Journal


N ew J ersey

Buildings span Brick Church Transit-Village Neighborhood Gebroe-Hammer Associates Markets 129-Unit/ 3 Property East Orange Multifamily Portfolio

AST ORANGE, NJ — Gebroe-Hammer Associates has been appointed as the exclusive broker to market the South Harrison-Clinton Portfolio, a 129-unit, three-building col- lection of apartment proper- ties within the heart of East Orange. Executivemanaging director David Oropeza , a 35-year East Orange market specialist, is spearheading the assignment on behalf of Rockledge. Comprised of extremely well- maintained, architecturally E

distinct midrise assets, the South Harrison-Clinton Port- folio properties are located within less than one mile of each other in the very-walk- able city-center neighborhood of Brick Church. The proper- ties include 94 S. Harrison Street (46 units), 49 and 55 S. Clinton St. (53 units) and 362 and 370 S. Harrison St. (30 units), which offer a combined mix of spacious studio to three- bedroom layouts. “Collectively and individu- ally, the South Harrison- Clinton Portfolio properties

possess historically stabi- lized occupancy rates for multifamily product that hails from their early-to-mid- 20th Century vintage,” said Oropeza. “In conjunction with its already completed renovations undertaken by current ownership, includ- ing kitchen, bath, flooring and community-space capi- tal improvements, each of the properties is primed for upside associated with East Orange’s accelerating rede- velopment initiatives.” As Essex County’s second- largest city behind its neigh- bor Newark, East Orange has more than $1B in devel- opment activity underway. This includes high-profile initiatives at the Crossings at Brick Church Station, City Hall Plaza Redevelop- ment, North Walnut and William Streets and emer- gence of the East Orange Cultural Arts District. “This wave of revitaliza- tion is not only a catalyst for tenant gentrification and diversification of the city’s existing apartment-rental options, it also has created heightened investment de- mand for existing high-cali- ber multifamily properties,” said Oropeza. “Well-located properties with good bones, such as those in the South Harrison-Clinton Portfolio, are capable of realizing significant upside associ- ated with their untapped potential.” For 46 years, Gebroe-Ham- mer’s brokerage activities have concentrated on all multifamily types to serve the investment needs of a long-term client base of in- stitutional investors, private equity funds, REITs, family offices and private individu- als. While initially focused on New Jersey, the Livings- ton, N.J.-based firm has evolved to also dominate the Eastern Pennsylvania and New York State submarkets as well as represent client interests nationally. Widely recognized for its consistent sales performance, the firm is a 17-time CoStar Power Broker and is credited with arranging the largest port- folio sale in 2020 with the highest per-unit price for the MidAtlantic Region and in New Jersey. MAREJ

The on-market South Harrison-Clinton Portfolio includes (L-R) 94 S. Harrison St.; 49 & 55 S. Clinton St.; 362 & 370 S. Harrison St., all in East Orange, NJ. Photo credit: Gebroe-Hammer Associates

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