A two-building garden-style apartment portfolio in East Orange has sold for $11.75 million, according to real estate firm Gebroe-Hammer Associates.
The building at 255 Prospect St. includes 42 units, while the building at 284 Prospect St. includes 46 units. The team of David Oropeza, executive managing director, and Debbie Pomerantz, senior vice president, exclusively represented the seller in the deal, F&C Realty Co. LLC, and procured the buyer, a private investor.
“East Orange’s multifamily investment and redevelopment momentum has accelerated in the past 18-24 months,” Oropeza said in a prepared statement. “Characterized by a multifamily-dense, early- to mid-20th century vintage of properties, the city has approximately 30% of its dwellings classified as small apartment buildings and 50% as mid- to larger apartment complexes. As such, the existing housing stock is ripe for repositioning while underutilized parcels are primed redevelopment.”
The units range from studios to three-bedroom apartments.