LIVINGSTON—Essex County recorded a wave of multi-family sales within a recent three-week timeframe, according to Gebroe-Hammer Associates. The firm arranged four transactions, involving a total of 533 units sold for a combined $26.22 million, in 21 days.
The largest transaction, arranged by executive vice presidents Joseph Brecher and David Oropeza, involved the $14.2 million sale of five multi-family buildings in Orange. Located at 133 and 147 Cleveland Street and 385, 394 and 431 Park Avenue, the three-story elevator buildings contain a total of 236 apartments offering a mix of studio, one- , two- and three-bedroom layouts. Average rents for the area range from approximately $650 for a studio to $1,500 for three-bedroom.
Representing a private global investment fund, Oropeza and Brecher also completed the sale of a portfolio of four East Orange buildings for $9.5 million. The 29, 33 and 56 South Munn Avenue and 7 Chestnut Street buildings are comprised of a total of 199 apartments. Featuring balconies and a mix of outdoor and garage parking, 56 South Munn Avenue is an eight-story building with two elevators. The remaining properties are four-story, single-elevator buildings, and the Chestnut Street property also offers garage spaces.
The team of Oropeza and Uranowitz also completed a $1.9 million note sale for two buildings on Chancellor Avenue in Newark. The five-story elevator buildings contain 36 and 37 apartments, respectively.
Rounding out Gebroe-Hammer's Essex County transactions is the $620,000 sale of 25 units at 293-299 Schley Street in Newark orchestrated by David Jarvis, executive vice president and the firm's inner-city market specialist.
