East Orange, NJ — The Kislak Company, Inc. announced the $12.75 million sale of two multifamily properties in East Orange: Harrison Gardens, an 88-unit property at 255-271 South Harrison St.; and Elm Gardens, a 44-unit property at 296-310 South Harrison St.Senior vice president Joni Sweetwood marketed the properties on behalf of the seller, a long-term client, and represented the purchaser, a private investor.
“These were the seller’s last properties in one of the most exclusive neighborhoods in East Orange and they were at full occupancy,” said Sweetwood. “East Orange is a very strong rental market in northern New Jersey and these properties are located near a train station and surrounded by new luxury developments. The properties were the focus of a bidding war among potential purchasers.”
Harrison Gardens is a brick mid-rise building consisting of 27 one-bedroom and 61 two-bedroom apartments. The property has undergone extensive upgrades in the last 10 years with the replacement of roofs, boilers, the hot water heater, expansion tanks and fire alarm system along with the installation of a surveillance system. Onsite surface parking is available for tenants and the property is less than one mile from the Brick Church train station. Downtown Newark and midtown Manhattan are short commutes as they are only five miles and 15 miles, respectively, from the property.Elm Gardens, a two-story garden apartment complex consisting of all one-bedroom units, likewise has been upgraded in the last seven years with the replacement of the hot water heater, boiler, expansion tank, fuse boxes, thermostats and windows. Garages and surface spaces make for abundant onsite parking.“The properties also have value-add potential given their location and the purchaser intends to upgrade the properties to the luxury standards of the area,” added Sweetwood.