The Kislak Co. announced the recent sale of Wedgewood House, an 80-unit multifamily property at 434 Lincoln Ave. in Orange, for $13.8 million.
Kislak marketed the property on an exclusive basis with Executive Vice President Joni Sweetwood handling the assignment on behalf of the seller, 434 Lincoln Avenue Associates and affiliates. Senior Vice President Daniel Lanni procured the purchaser, which was not disclosed.
The sale of Wedgewood House is the single largest sale of a multifamily property in Essex County since 2022, according to data from CoStar.
Sweetwood commented: “The renovated units were one of the most desirable aspects of the offering. They look and feel like new luxury construction but with higher-quality materials.”
Lanni added: “Staying in constant touch with major owners and investors helped me to identify the group most likely to purchase this property, and we were able to get it sold as efficiently as possible by properly handling the transaction from start to finish.
Built in 1968, Wedgewood House is a garden complex with two three-story brick apartment buildings situated on 1.76 acres with on-site parking for 85 cars. The unit mix consists of nine studios, 56 one-bedroom units and 15 two-bedroom units. The property underwent extensive renovations of many units and recent capital improvements include new roofs, windows, laundry rooms and hallway lighting.”
The property is conveniently located in suburban Orange around the corner from the Highland train station and within walking distance of the Orange train station. Both stations provide direct service to Manhattan. The property is also close to Interstate 280.