24 Hour Local Real Estate News

Two Separate Essex County MF Portfolios Sell for $29 Million

David Oropeza, managing director, Gebroe-Hammer Associates, and 157 Halstead St., East Orange, NJ David Oropeza, managing director, Gebroe-Hammer Associates, and 157 Halstead St., East Orange, NJ

EAST ORANGE AND ORANGE, NJ—In East Orange/Orange, where transit-fueled multifamily investment is facilitating a regional renaissance, Gebroe-Hammer Associates managing director David Oropeza spearheaded two separate portfolio sales yesterday totaling $29.29 million and 308 units.

These latest transactions follow four sales involving 170 apartment-rental units that sold for a combined $12.82 million earlier this month.

“East Orange is well on its way to becoming the next major North Jersey-metro hub associated with multi-family investment,” says Oropeza. “During the past three to four years in particular, apartment buildings in close proximity to transit have attracted heightened private investment to the city and, in turn, has fed neighborhood revitalization.”

In the six transactions, the 30-year investment brokerage veteran exclusively represented the sellers and identified the buyers of each property, who were not identified.

The larger of the two newly closed transactions involved the $15.65 million sale of 151 units spanning 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 100 Washington St., in East Orange and 212 Central Ave., in Orange.

An inner-city market specialist, Oropeza has overseen Gebroe-Hammer’s brokerage activity throughout Northern New Jersey since joining the firm in 1986. He also has become a well-respected investor advocate in the East Orange marketplace. In addition to arranging property sales totaling billions of dollars, his achievements include organizing and hosting East Orange Multi-Family Investment Roundtables, an informational exchange between some of the city’s most prominent apartment-building owners and local officials.

A few weeks ago, Oropeza kicked off this recent East Orange multi-family portfolio sale flurry by arranging the trade of 73 units spanning six properties situated within blocks of one another. These included 63 N. Walnut St., 132 N. Grove St., 433 William 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 Apartments, located at 370 S. Harrison St. The three-story mid-rise features a mix of one- and two-bedroom layouts less than one mile from Brick Church Station. 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 New Jersey to Dover and Hackettstown.

In nearby Orange, Oropeza also exclusively 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 distance to local shops, parks and recreation sites. Approximately five miles away in Irvington, he also arranged the $1.95 million sale of 25 units at 25 Linden Ave., within the apartment-dense Orange Avenue/Madison Avenue neighborhood.

East Orange, Orange and Irvington are all located at the intersection of the Garden State Parkway and Interstate 280, linking to I-80 and I-95. Each offers immediate proximity to a vast highway and mass transit infrastructure with connections to local routes, Newark, New York City and the entire Northeast Corridor.

“Once considered the apex of the triangle of urban post-industrial decay, East Orange has made tremendous advancements in transforming its image to that of an up-and-coming bedroom community – a model to which Orange and Irvington are working toward as well,” says Oropeza.

 

Copyright 2017. ALM Media Properties, LLC. All rights reserved.