The Oranges, N.J., January 8, 2016 – The Northern New Jersey municipalities that comprise “The Oranges” recorded a burst of multi-family trades in December totaling 395 units sold for a combined $57.1 million, announced Gebroe-Hammer Associates. The Livingston, N.J.-based investment brokerage firm exclusively represented the sellers and identified the buyers in each of the transactions.
“Although it is easy to group these municipalities together because their name shares the term ‘Orange,’ each is distinct in terms of architecture, character and stages of redevelopment,” said David Oropeza, managing director, who has served as the firm’s area market specialist for The Oranges since joining Gebroe-Hammer in 1986. “However, they do share the region’s greatest assets – a common strategic location at a major highway crossroads and a vast transportation network.”
In East Orange, Oropeza and Managing Director Joseph Brecher arranged the $10.5 million sale of 195 and 242 Prospect St., two garden-style apartment communities featuring a total of 115 units. The four-story Tudor-style 195 Prospect includes 66 units while the traditionally designed 242 Prospect property has 49 units. Both are in the heart of one of East Orange’s emerging neighborhoods.
Oropeza and Vice President Debbie Pomerantz also arranged the trade of 10 South Grove St., a 25-unit mid-rise building just off of I-280. In addition, he recently closed on 28 units at 100 Chestnut St., just steps from Central Avenue and two blocks from Newark and Manhattan-bound train and bus lines.
“Both buyers plan to complete or implement capital improvements in order to bring the properties up to market,” explained Oropeza. “East Orange, which is undergoing a rapid housing-stock and commercial/retail tenant roster transformation, offers multi-family investors tremendous value-add and rent appreciation potential associated with citywide redevelopment.”
Nearby, in the township of Orange, the Oropeza/Pomerantz brokerage team also orchestrated the sale of 285 Lincoln Ave., a four-story, 21-unit apartment building located near the intersection of Lincoln and Central Avenue. Like its counterpart East Orange, Orange is a township transitioning from a former industrial city to a vibrant residential community. Its thriving business district includes Central Avenue, Main Street, Lincoln Avenue and Scotland Road – each of which features an array of world-class dining establishments for which Orange has become known.
“Thanks to its township status and Urban Enterprise Zone designation, Orange’s renewal is breathing new life into rental housing and economic development, both of which attract multi-family investors and today’s new millennial-age tenant demographic,” said Oropeza.
Collectively, the Oranges have a strong workforce/commuter tenant base drawn to the Route I-280/Garden State Parkway interchange, which connects to virtually every major employment center in New Jersey and New York City. The municipalities also offer proximity to privately owned and national chain restaurants; local, regional and national retailers; bus lines and 20-minute Midtown Direct rail links; and regional recreational sites.