Four multifamily buildings with a combined 96 apartment units in transit-oriented East Orange have sold for $15.6 million, according to a Thursday announcement from Hudson Atlantic Realty.
Located at 30 Beach St., 46 S. Arlington Ave., 6 Glenwood Ave. and 363 Park Ave., the properties are all within a short walk to the city’s downtown and train stations. Each of the properties had recently undergone renovations, including hardwood floors, upgraded kitchens, on-site laundries and separately metered utility services.
Favorable local demographics added to the desirability of this portfolio, with 180,000 renter households living within a 5-mile radius of the properties.
Moreover, East Orange has a growing appeal among residents, as it has a very walkable downtown setting, range of retail services and accessibility with both the Brick Church and East Orange Train Stations on New Jersey Transit’s popular Morris & Essex Line with service to Manhattan.
“At a selling price of more than $162,000 per unit, this sale sets a high benchmark for the East Orange submarket, signaling growing interest in secondary markets from both investors and tenants. This is just the beginning of a very bright future for New Jersey’s emerging inner-ring markets,” Adam Zweibel, managing partner of Hudson Atlantic, stated as he explained the significance of this deal.
This latest deal is the fourth portfolio sale for Hudson Atlantic in 2022.
“Getting this deal across the finish line required an extraordinary effort by the Hudson Atlantic Team, given the complexities of orchestrating a multiproperty transaction within an accelerated timeline in a rising interest rate environment,” Jeffrey Otteau, the firm’s managing broker, stated.