Orange artist lofts are part of $3.75M portfolio sale

Two multifamily properties in Orange have sold for a combined $3.75 million, according to the Kislak Co. Inc.

490 Tremont Ave., Orange.

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.