The Modern at 45 South Grove St. (top) and 227 North Walnut St., both in East Orange — Courtesy: CBRE
By Joshua Burd
The owner of a new two-building, 209-unit apartment portfolio in East Orange has listed the properties for sale, brokers with CBRE announced Wednesday.
The larger asset, known as The Modern, is a 119-unit building at 45 South Grove St. with a mix of studio, one-bedroom and two-bedroom homes. The second, located just a mile northwest, is a collection of one- and two-bedroom homes at 227 North Walnut St. including 86 market-rate and four affordable units.
CBRE’s Fahri Ozturk and Zach McHale are leading the marketing campaign on behalf of the would-be seller, a privately held real estate investment firm based in northern New Jersey. They noted that both properties were delivered in 2024 and are currently stabilized, with amenities such as tenant lounges, fitness centers and rooftop lounges, while top-floor tenants can enjoy their own private rooftop decks.
Renters also have access to East Orange’s train stations, which allow commuters to reach New York Penn Station within 25 minutes.
“This portfolio offers investors a rare combination of new Class A construction and immediate cash flow in a transit-oriented market,” Ozturk said. “Both assets are of institutional quality and fully stabilized, with long-term (payment in lieu of taxes agreements) that provide exceptional cash-flow certainty. This offering allows the next owner to step immediately into a stabilized, cash-flowing position — bypassing the entitlement, construction and lease-up risk that typically accompany new Class A development in the NYC commuter belt.”
