Real Estate Journal — Owners, Developers & Managers — November 11 - December 8, 2016 — 5B
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M id A tlantic
O wners , D evelopers & M anagers
Newly renovated properties centrally located along South Harrison Street Gebroe-Hammer Associates arranges $27.15 million trade of 3-building East Orange apartment portfolio E
who already have a presence as well as those seeking to gain entry into this high-popula- tion-density submarket,” said Brecher. “Private-investment initiatives and gentrification of the tenant base are spurring further revitalization in what is expected to become another of North Jersey’s high-barrier- to-entry multi-family invest- ment markets.” At the peak of its indus- trial growth, East Orange had three train lines, three trolley lines and six stations within the 3.9 square miles of the city.
Nicknamed “The Crossroads of New Jersey,” the city offers immediate proximity to a vast regional and federal highway infrastructure, mass transit hubs linking to Manhattan and the entire Northeast Cor- ridor. Today, East Orange is one of 28 New Jersey cities desig- nated as a Transit Village. In addition to 11 NJ Transit bus routes, it has two train sta- tions along the Morris/Essex line, which offers direct service to New York Penn Station and Midtown Manhattan. n
ast Orange, NJ — In what has become one of New Jersey’s exclu- sive emerging neighborhoods, Gebroe-Hammer Associates has arranged the $27.15 mil- lion sale of three East Orange high-rise multi-family towers totaling 249 units located along South Harrison St. The brokerage team of managing directors David Oropeza and Joseph Brecher represented the seller and identified the buyer, respectively. Both were unnamed private investment groups. The East Orange Towers portfolio includes 106, 111 and 120 South Harrison St., lo- cated in the historic Main St./ South Harrison St. residential neighborhood. Primarily com- prised of small-to-high-rise apartment-rental properties, 99% of the area’s real estate is occupied by renters – the high- est rate of renter occupancy of any neighborhood nationally, according to Neighborhood- Scout.com. The portfolio’s units span 119 units at 106 South Harrison, 86 units at 111 South Harrison and 44 units at 120 South Harrison St. The overall unit mix in- cludes three studio, 142 one- bedroom, 83 two-bedroom and 21 three-bedroom layouts. “These buildings, all of which are classic, early 20th- Century buildings, are well- known fixtures along the city’s architectural landscape,” said Oropeza, the firm’s urban market specialist who has spe- cialized in East Orange multi- family properties for the past 30 years. “Collectively, they are often linked together due to their convenient location near shopping, dining, parks and mass transit and certain aesthetic similarities, yet they retain their individual unique- in-character identities.” Each of the properties fea- tures newly renovated units that include modern bath- rooms and kitchens, hardwood flooring and central air condi- tioning/heating. Lifestyle ame- nities range from on-premises laundry and parking facilities and art-deco lobbies/hallways, to well-manicured grounds and tenant-only fitness rooms. “The opportunity to acquire three prominent, historical- ly well-occupied apartment buildings in a city where transportation is its greatest asset attracted widespread investor interest among those
111 South Harrison St.
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