CBRE sold a 44-unit apartment building that spans 10 stories in East Orange, according to a Monday announcement from the brokerage.
Located at 75 Prospect St., the asset is predominately comprised of three- and four-bedroom apartments. Most units stretch from the front of the building to the back and feature ample windows to offer an abundance of natural light to residents. The property is ideally positioned within a five-minute walk from the Brick Church train station, providing direct service to Manhattan in about 26 minutes. Additionally, the property is less than two miles from the entrance ramps to both the Garden State Parkway and Interstate 280.
The CBRE Institutional Properties team of Jeffrey Dunne, Jeremy Neuer, Rich Gatto, Fahri Ozturk and Zach McHale represented OneWall Communities, a Stamford, Connecticut-based apartment owner and operator, in the transaction. The CBRE team was also responsible for procuring the buyer.
CBRE Vice Chairman Dunne said: “This is a one-of-a-kind asset in the East Orange market. The average size of the apartments, 1,860 square feet, is unmatched and will likely never be replicated. The buyer thoroughly recognized the uniqueness of 75 Prospect and acted quickly and aggressively to secure the deal.”
Over the past four months, the CBRE Institutional Properties team, on behalf of OneWall Communities, has arranged the sale of 492 units in East Orange and Newark for a total value of $83 million.
“We are very pleased to have represented OneWall Communities in the sale of their Essex County portfolio. Investor interest for lifestyle-workforce housing product in transit-oriented locations proved to be very strong throughout our marketing efforts,” Dunne said.