Newark, East Orange corridor energizing multifamily investment, Gebroe-Hammer says

By Emily Bader
Newark/East Orange | May 1, 2018 at 12:03 pm

“The Crossroads of New Jersey” — the place where Newark and East Orange meet —  is energizing multifamily investment velocity and sales, according to Gebroe-Hammer Associates.

The brokerage recently arranged three separate sales totaling $31.7 million for four buildings and 245 units.

David Oropeza, executive managing director, headed the sales at:

  • 742 Park Ave. East Orange, sold by 742 Park Avenue West Urban Renewal LLC to Nova Appian LLC;
  • 25 Van Velsor Place, Newark, sold by Normandie Group LLC and Van Velsor Group LLC to Nova Appian;
  • 103 Chancellor Ave., Newark, sold by Normandie Group LLC and Van Velsor Group LLC to Nova Appian;
  • 110 Haldsted St., East Orange, sold by ABS9 110 Halsted LLC to Saket Properties & Management LLC for $5.65 million.

Debbie Pomerantz, senior vice president, procured the buyer in the sale of Park Avenue and the Newark properties.

“East Orange and Newark are garnering a lot of attention lately for their urban-renewal initiatives, at the core of which is each city’s multifamily housing stock — both existing and newly developed,” Oropeza said. “These revitalization efforts didn’t just happen overnight. They have been fed by a wide range of factors, including visionary multifamily investors who aggressively pursued value-add and development opportunities over the course of many years that are now coming to fruition.”

The newly-constructed 742 Park Ave. is a three-story, 26-unit building comprised of studio, one- and two-bedroom units. Each apartment home has luxury finishes, including stainless-steel appliances, quartz countertops and in-unit washers and dryers.

Newly constructed as well, 110 Halsted St. is a 28-unit luxury high rise.

The Van Velsor Place and Chancellor Avenue properties, known as The Normandie, have a total of 191 units and sold for a combined $19.35 million.

“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.

Emily Bader | ebader@roi-nj.com | emilybader