NEW JERSEY—An out-of-state buyer has purchased South Orange Towers, a 108-unit, multifamily apartment building for $11 million. According to date from CoStar Group, the final sales price represents the highest recorded price per unit for multifamily in Orange, at $101,851 per unit.
CBRE’s Charles Berger of the New Jersey private capital group, Elli Klapper of the New York investment properties team, completed the transaction on behalf of the owner and the anonymous buyer.
The eight-story building offers a mix of studios, and one-to-four bedroom units on 104,750 sq. ft. Currently 100 percent occupied, the property offers assigned, covered parking, laundry facilities, pool, elevators and an on-site superintendent.
The building is located in close proximity to public transportation, the Garden State Parkway, 1-280 and Interstate 78.