Two E. Orange multifamily properties fetch $12.75M

By Eric Strauss
East Orange | Mar 9, 2018 at 7:20 am

The Kislak Co. Inc. has handled the sale of two multifamily properties in East Orange for a combined $12.75 million, it announced recently.

The properties are:

  • Harrison Gardens, an 88-unit multifamily property at 255-271 S. Harrison St.;
  • Elm Gardens, a 44-unit multifamily property at 296-310 S. Harrison St.

Kislak Senior Vice President Joni Sweetwood marketed the properties on behalf of the undisclosed seller, a longtime client, and represented the purchaser, an undisclosed private investor.

“These were the seller’s last properties in one of the most exclusive neighborhoods in East Orange, and they were at full occupancy,” she said in a prepared statement. “East Orange is a very strong rental market in northern New Jersey, and these properties are located near a train station and surrounded by new luxury developments. The properties were the focus of a bidding war among potential purchasers.”

Harrison Gardens is a brick midrise building with 27 one-bedroom and 61 two-bedroom apartments. Elm Gardens is a two-story garden apartment complex with entirely one-bedroom units.

“The properties also have value-add potential, given their location, and the purchaser intends to upgrade the properties to the luxury standards of the area,” Sweetwood said.

Kislak is based in Woodbridge.

Eric Strauss | estrauss@roi-nj.com | acerimrat