Gebroe-Hammer Associates arranges sale of two-property multifamily package in East Orange, N.J. for $4.55 million

Gebroe-Hammer Associates' brokerage professionals closed out 2013 recording $29.335 million in multifamily trades throughout Essex County's "The Oranges," the latest of which involved the $4.655 million sale of a two-property, 74-unit multi-family package in East Orange. The team of managing director David Oropeza and vice president Stephen Tragash represented the seller while Nicholas Nicolaou, vice president, identified the buyer. The buildings are located at 112 Lincoln St. and 444-450 Prospect St. in the heart of the city and offer a mix of one- and two-bedroom units. Convenient to shopping, schools and local transit links, the four-story Lincoln street and three-story Prospect street complexes were fully occupied at the time of sale. Both also feature on-site laundry facilities and parking, with 20 garages available to tenants at the Prospect Street property. "As one of New Jersey's most populous municipalities, East Orange has a very strong tenant base, proximity to mass transit and employment hubs like Newark and a high concentration of existing multi-family product, all of which appealed to this buyer who is a seasoned investor," said Nicolaou. Oropeza said, "Demand for multi-family investments throughout East Orange is not only contributing toward the city's urban revitalization, it is having a 'spill-over effect' in terms of investment demand for Orange and South Orange as well." One example of this trend is the recent $24 million sale of an East Orange/Orange multi-family portfolio arranged by the market specialist and 28-year firm veteran.