“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.