Apartment Portfolio Sells For $18.5 Million In The Oranges, NJ

EAST ORANGE, NJ — A portfolio of apartment homes on South Harrison and Harrison Street in East Orange recently sold for $18.5 million, developers reported.

According to a news release from sales brokerage firm Gebroe-Hammer Associates, the three-property apartment community portfolio included 243 South Harrison/Harrison House and 179 and 158 South Harrison Street, encompassing a total of 184 units.

Approximately half of the units have been updated with “upscale finishes” and one-to-two full or half baths, and the buyer expects to implement a capital improvement program to upgrade about 60 units that have yet to be renovated, Gebroe-Hammer Associates Managing Director Joseph Brecher said.

“East Orange is leveraging its historical architecture, spacious homes and wide tree-lined streets to realize city-wide revitalization that combines the best of urban and suburban living,” said Managing Director David Oropeza, the firm’s East Orange and urban market specialist. “As a result, this urban renewal movement is simultaneously attracting widespread investment, private and public collaboration and the nation’s most desirable tenant base – those born between the early 1980s through early 2000s – commonly known as millennials or Generation Y.”

Other recent multi-million real estate sales in East Orange have been reported on South Grove Street, North and South Harrison Streets, New Street, Glenwood Avenue, Beech Street, South Arlington Avenue and Williams Street.

• See related article: East Orange Buildings Sell For $12M: South Grove, North and South Harrison, New Streets
• See related article: $5.5M East Orange Multifamily Portfolio Sale Announced

Photo: CMM Strategic Communications

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