A three-property multifamily portfolio in East Orange has sold for $14.95 million, according to real estate firm Gebroe-Hammer Associates.
The properties total 113 units in the Brick Church section, including:
- 17 Webster Place, 37 units, $5.75 million;
- 75 N. Walnut St., 44 units, $5.25 million;
- 151 N. Walnut St., 32 units, $3.95 million.
David Oropeza, executive managing director, exclusively represented the seller, Nova EO Portfolio I LLC and the Capital Foresight LP, and procured the buyer, an undisclosed private investment entity.
“East Orange is one of New Jersey’s highest-population, high-building-density pockets where pre-1960s-era multifamily product dominates the housing stock landscape,” he said in a prepared statement. “The city’s architectural sight line and tenant-base cohort have undergone a complete transformation, especially during the past 10 years. This correlates to the redevelopment initiatives surrounding Brick Church Station, which have spread into immediate vicinity areas.”
The Brick Church Station is a New Jersey Transit station that offers direct Manhattan rail service, Livingston-based Gebroe-Hammer said.