East Orange apartment building sells for $22M

By Eric Strauss
East Orange | May 25, 2018 at 11:12 am

An East Orange residential tower has sold for $22 million, according to real estate services firm Marcus & Millichap.

Robert Towers, an 11-story, 206-unit multifamily building at 60 S. Munn Ave., was sold by East Orange-based Metropolitan America to EOA 206 LP at a price that equals $106,796 per unit, Marcus & Millichap said. Marcus & Millichap Capital Corp. arranged $19.8 million in acquisition financing for the deal, as well.

“Leveraging our platform and process, we generated interest from more than 100 investors from 15 offices across the country, created a competitive buying environment and generated 17 offers in 30 days, including five from out-of-market buyers,” Fahri Ozturk, vice president-investments in Marcus & Millichap’s New Jersey office, said in a prepared statement.

Ozturk, along with colleague Richard Gatto, represented the seller, while Eric Seidel, a senior director with MMCC, arranged the financing.

“Rich, Fahri and the entire Marcus & Millichap team did an outstanding job from start to finish,” Metropolitan America CEO and President Cliff Corrall said in a statement. “Their comprehensive marketing plan quickly produced significant interest in the asset, and their ability to arrange financing for the eventual buyer was key to closing in a timely and efficient manner.”

Robert Towers was built in 1950, and is located near the East Orange and Brick Church train stations, as well as major highways.

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