CBRE Group announces $5.5 million sale of 73-unit multifamily portfolio totaling 74,500 s/f
EAST ORANGE, NJ — CBRE Group, Inc., one of New Jersey’s largest commercial real estate brokerage firms announced that it has arranged the $5.5 million sale of the East Orange Portfolio. The multifamily portfolio is comprised of four properties, located at 6 Glenwood Ave., 30 Beech St., 46 South Arlington Ave. and 345 Williams St. in East Orange. With 73 units, the complex totals more than 74,500 s/f, with a great mix of one-, two- and three-bedroom units.
CBRE Capital Markets Investment Properties’ Charles Berger and Mark Silverman, in New Jersey, and Elli Klapper, in New York, represented the seller, a long-time CBRE client, and procured the buyer in the transaction, securing an aggressive cap rate and price-per-unit figure. Adding to its existing portfolio of Essex County properties, the new owner plans to hold the multifamily complex for investment purposes.
The East Orange portfolio’s four buildings each near 100% occupancy, with a recent influx of residents from New York City and the outer boroughs as a result of its strategic transit-oriented location in the immediate proximity of a New Jersey Transit rail station. The attractive location provides tenants with access to New York City, while offering cheaper rents for spacious, high-end apartments that are newly renovated.
“The CBRE Tri-State Investment Properties team is one of the most active brokerage teams of multifamily properties in the northern New Jersey market,” said Berger. “We are proud to have achieved an aggressive sale price for our long-time client, both on a cap rate and price per unit basis, and by the same token provided the buyer with fully-renovated properties in an ideal transit-oriented location with value-add potential. On the footsteps of this successful transaction, we have just released to market a rare opportunity for investors to purchase a 251-unit multifamily portfolio in Newark.”