From left: The on-market South Harrison-Clinton Portfolio includes 94 South Harrison St., 49 and 55 South Clinton St. and 362 and 370 South Harrison St. — Courtesy: Gebroe-Hammer Associates
By Joshua Burd
The owner of a three-building, 129-unit apartment portfolio in East Orange is seeking a buyer for the properties, having tapped Gebroe-Hammer Associates to market the offering.
The brokerage firm said the properties include 49 and 55 South Clinton St., which is home to 53 units, along with 94 South Harrison St. and 362 and 370 South Harrison St., which contain 46 and 30 units, respectively. David Oropeza is spearheading the assignment on behalf of Rockledge, touting the buildings as well-maintained, architecturally distinct midrise assets within a mile of one another in the Brick Church neighborhood.
The firm is marketing the portfolio with an asking price of $25 million.
“Collectively and individually, the South Harrison-Clinton Portfolio properties possess historically stabilized occupancy rates for multifamily product that hails from their early-to-mid-20th Century vintage,” said Oropeza, an executive managing director with Gebroe-Hammer and longtime East Orange market specialist. “In conjunction with its already completed renovations undertaken by current ownership, including kitchen, bath, flooring and community-space capital improvements, each of the properties is primed for upside associated with East Orange’s accelerating redevelopment initiatives.”
In a news release, the Livingston-based firm said the portfolio has floorplans ranging from studios to three bedrooms. It also noted that East Orange, Essex County’s second-largest city behind Newark, has more than $1 billion in development activity underway, including high-profile projects across a range of neighborhoods.
“This wave of revitalization is not only a catalyst for tenant gentrification and diversification of the city’s existing apartment-rental options, it also has created heightened investment demand for existing high-caliber multifamily properties,” Oropeza said. “Well-located properties with good bones, such as those in the South Harrison-Clinton Portfolio, are capable of realizing significant upside associated with their untapped potential.”