Gebroe-Hammer Associates announced Wednesday it has arranged the $16.65 million sale of a 120-unit apartment building in Orange.
Reynolds Terrace Apartments is a nine-story midrise located at 248 Reynolds Terrace.
Stephen Tragash, executive vice president at Gebroe-Hammer, and David Oropeza, executive managing director, represented the seller, 248 Reynolds Terrace LLC, and procured the buyer, a private investor.
“Featuring a mix of studio and one- and two-bedroom layouts within a tree-lined residential neighborhood, Reynolds Terrace Apartments is a prime example of what today’s investors are seeking throughout the East Essex Region — a quick walk to mass transit, proximity to blue-chip employers and accessible neighborhood conveniences,” Tragash said. “Properties of this size and caliber will benefit from long-term value appreciation associated with favorable demographic patterns forecasted for the next five to 10+ years.”
In addition to the apartment, Gebroe-Hammer also said it recently closed on three multifamily properties in East Orange and Newark.
Recent sales include:
- 35 units at 130 Chancellor Ave. for $3.15 million;
- 23 units in the North Broadway section of Newark for $2.675 million;
- A two property package at 38 S. Walnut St. in East Orange for $2.6 million;
- 12 units at 66 Lenox Ave. in East Orange for $1.7 million.
“In just the past decade, East Essex has evolved from its urban industrial roots to become a popular residential, business and tourist destination favored by millennial and executive-level professionals working locally or out-commuting to New York City,” Oropeza said. “The region has led – and continues to lead – the state in the rebuilding and rehabilitation of its existing housing stock. Demand is at all-time high levels for repositioning opportunities involving well-established, pre-1960s-era multifamily buildings within ‘urbanesque’ submarkets undergoing an architectural and population transformation.”