Two multifamily properties in Orange have sold for a combined $3.75 million, according to the Kislak Co. Inc.
The real estate firm said Tuesday that 490 Tremont Ave., which has 26 units, and 580 Forest St., with seven live/work artist lofts, were sold by an undisclosed owner to an undisclosed repeat client.
Joni Sweetwood, a Kislak senior vice president, represented the seller, while Julie Gralla, a sales associate, represented the buyer. Woodbridge-based Kislak marketed the Forest Street property on an exclusive basis.
“Orange is an extremely attractive market for both landlords and tenants,” Sweetwood said in a prepared statement. “For landlords, the demand for apartments and the ability to raise rents annually by as much as 5 percent on existing tenants and go to ‘market rate’ on turnovers makes Orange a tremendous market in which to invest. Tenants love the conveniences of Orange, including its quick and easy direct train service to New York City.”
The Tremont Avenue property is a three-and-a-half story brick building, while the Forest Avenue property is a converted brick firehouse.
Attorney Jonathan Mehl represented the buyer, with Oritani Bank providing financing.