The dynamic revival at the Crossroads of New Jersey – where East Orange and Newark converge – is energizing multi-family investment velocity and sales benchmarks throughout these two cities where Gebroe-Hammer Associates recently arranged three separate sales totaling $31.7 million for four buildings and 245 units. David Oropeza, executive managing director, spearheaded the sales, which involved the trade of 26 units at 742 Park Ave., in East Orange and a new $257,692 per-unit-price benchmark for the municipality.
In addition to the Park Avenue property, Oropeza exclusively represented the seller in the trades of 742 Park Ave., is a three-story 26-unit building comprised of studio, one- and two-bedroom units, all of which exceed the submarket average in terms of square footage. Built in 2017, each apartment home includes an array of luxury appointments, including stainless-steel appliances, quartz countertops and in-unit washers and dryers. There are hardwood floors in living spaces and tile flooring in the kitchens and baths as well as on-premises parking.
Newly constructed as well, 110 Halsted St. is 742 Park Avenue West Urban Renewal LLC, and ABS9 110 Halsted LLC, respectively. In addition, Pomerantz procured the buyer, Nova Appian LLC, for 742 Park Ave., and Oropeza arranged the acquisition of 110 Halsted St. for Saket Properties & Management LLC.
To the south via the Garden State Parkway are the Van Velsor Place and Chancellor Avenue – known as The Normandie – properties, encompassing a total of 191 units sold for a combined $19.35 million. Situated within Newark’s South Ward in the residential Weequahic neighborhood known for a park bearing the same name, the adjacent six-story properties’ mix of studio to three-bedroom layouts were fully occupied at the time of sale.
“Both complexes appeal to Newark’s varied tenant base of millennial-age professionals to families because of their residential vibe, just beyond the city center, within a lively city on the rise,” said Pomerantz, who procured the buyer of both properties, Nova Appian, LLC. Oropeza exclusively represented the seller, Normandie Group LLC and Van Velsor Group LLC.
