SOUTH ORANGE, NJ-Gebroe-Hammer Associates arranged the sale of The Avenue at South Orange, a 79-unit luxury loft-style apartment community in South Orange, N.J., for $32 million in an all-cash 1031 Exchange transaction.
In addition to the apartment units, the complex contains 4,000 sq. ft. of ground-floor retail space. The Avenue at South Orange was completed in 2010 and consists of a mix of studio, one-, two- and three-bedroom luxury residences. On-site amenities at the property include private terrace courtyards, a fitness studio, a clubroom and two levels of covered parking, among other perks. Average rents range between $1,615 and $3,725 per month.
The complex is located adjacent to South Orange’s NJ Transit Mid-Town Directo train station and is in close proximity to the Garden State Parkway and South Orange Performing Arts Center.
Ken Uranowitz, Joseph Brecher and David Jarvis, of Gebroe-Hammer Associates, represented the seller, the original developer, in the transaction.
“Boasting historically high occupancy rates, The Avenue garnered a price in excess of $400,000 per unit, thanks to its transit-oriented location, high quality lease profiles and an array of on-site class-A amenities,” said Uranowitz in a statement.
Alan R. Hammer, Esq. and Jeffrey H. Itzkowitz, Esq., of Brach Eichler LLC, provided legal counsel on behalf of the seller. John McNamara, Esq., of Geringer & Dolan LLP, provided legal counsel to the buyer.