4B — May 12 - 25, 2017 — New Jersey — M id A tlantic
Real Estate Journal
www.marejournal.com
N ew J ersey
Trades follow four previous sales involving 170 apt.-rental units that sold for a combined $12.82m Gebroe-HammerAssociates’ Oropeza closes twoEast Orangemulti-family portfolio sales totaling$29.29m E 100 Washington St., in East Orange and 212 Central Ave., in Orange. ast Orange /Or- ange, NJ — In East Orange/Orange, where
previous sales involving 170 apartment-rental units that sold for a combined $12.82 million. In all six of the transactions, the 30-year investment broker- age veteran exclusively repre- sented the sellers and identified the buyers of each property. The larger of the two newly closed transactions involved the $15.65 million sale of 151 units span- ning 157 and 147-149 Halstead St., and 157 S. Harrison St., all in East Orange. Oropeza also collaborated with senior vice president Debbie Pomerantz for the sale of 157 units, which garnered $13.54 million, at
An inner-city market spe- cialist, Oropeza has overseen Gebroe-Hammer’s brokerage activity throughout Northern New Jersey since joining the firm in 1986. He also has be- come a well-respected investor advocate in the East Orange marketplace. In addition to ar- ranging property sales totaling billions of dollars, his achieve- ments include organizing and hosting East Orange Multi- Family Investment Roundta- bles, an informational exchange between some of the city’s most prominent apartment-building owners and local officials. “East Orange is well on its way to becoming the next major North Jersey-metro hub as- sociated with multi-family in- vestment,” explained Oropeza. “During the past three to four years in particular, apartment buildings in close proximity to transit have attracted height- ened private investment to the city and, in turn, has fed neighborhood revitalization.” In the weeks prior to the two latest sales, Oropeza kicked off this East Orange multi-family portfolio-sale flurry by arrang- ing the trade of 73 units span- ning six properties situated within blocks of one another. These included 63 N. Walnut St., 132 N. Grove St., 433 Wil- liam St., 75 Carnegie St., 572 Springfield Ave. and 998 18th Ave. Oropeza also arranged the separate $2.6 million sale of 30 units at South Harrison Apart- ments, located at 370 S. Harri- son St. The three-story mid-rise features a mix of one- and two- bedroom layouts less than one mile from Brick Church Sta- tion. Built in 1878, the transit center is served by the Morris and Essex lines with service to Hoboken Terminal, New York Penn Station and western NJ to Dover and Hackettstown. In nearby Orange, Oropeza also represented the seller and procured the buyer of 364 and 372 White St., totaling 42 units sold for $4.2 million. The two separate all-brick façade buildings offer an array of layouts within walking dis- tance to local shops, parks and recreation sites. Five miles away in Irvington, he also ar- ranged the $1.95 million sale of 25 units at 25 Linden Ave., within the apartment-dense Orange Avenue/Madison Av- enue neighborhood. n
transit-fueled multi-family i nve s tmen t is facilitat- ing a regional renaissance, G e b r o e - H a m m e r Assoc i ates ma n a g i n g
director David Oropeza re- cently spearheaded two sepa- rate portfolio sales totaling $29.29 million and 308 units. These latest trades follow four David Oropeza
157 and 147-149 Halstead St.
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