Gebroe-Hammer Associates arranges sale of Reynolds Terrace Apartments in Orange for $16.65 million
ORANGE, NJ — In the North Jersey Metro’s high-population and high-building-density pocket of East Essex County, Gebroe-Hammer Associates has arranged the $16.65 million sale of Reynolds Terrace Apartments, a nine-story midrise comprised of 120 apartment units at 248 Reynolds Terr. in the City of Orange. The firm’s executive vice president Stephen Tragash and executive managing director David Oropeza represented the seller, 248 Reynolds Terrace, LLC, and procured the buyer, a private investor. “Featuring a mix of studio and one- and two-bedroom layouts within a tree-lined residential neighborhood, Reynolds Terrace Apartments is a prime example of what today’s investors are seeking throughout the East Essex Region – a quick walk to mass transit, proximity to blue-chip employers and accessible neighborhood conveniences,” said Tragash. “Properties of this size and caliber will benefit from long-term value appreciation associated with favorable demographic patterns forecasted for the next 5 – 10+ years.” In addition to the sale of Reynolds Terrace Apartments, Gebroe-Hammer’s market specialists recently closed three additional multi-family property sales in nearby East Orange and Newark. In total, the Livingston-based firm has arranged seven transactions involving over 1,300 units in eight weeks throughout the East Essex submarket, which includes The Oranges and Newark as well as Irvington, Bloomfield, Nutley and Belleville.