75 Prospect St. in East Orange — Courtesy: CBRE
By Joshua Burd
Workforce housing investor OneWall Communities has sold a 44-unit apartment building in East Orange, marking the latest deal involving its Essex County portfolio.
According to CBRE, which represented OneWall, a private investor paid an undisclosed price for the 10-story property at 75 Prospect St. The brokerage team announced the deal Monday, noting that the collection of mostly three- and four-bedroom units is about a five-minute walk from the Brick Church train station and less than two miles from the entrance ramps to both the Garden State Parkway and Interstate 280.
CBRE brokers Jeffrey Dunne, Jeremy Neuer, Rich Gatto, Fahri Ozturk and Zach McHale represented Stamford, Connecticut-based OneWall in the sale and procured the buyer.
“This is a one-of-a-kind asset in the East Orange market,” said Dunne, a vice chairman with CBRE. He noted that the average unit size of the apartments is 1,860 square feet, while most floorplans stretch the length of the building and feature many windows that provide an abundance of natural light to residents.
“The buyer thoroughly recognized the uniqueness of 75 Prospect and acted quickly and aggressively to secure the deal.”
The transaction is among several recent dispositions in East Orange and Newark by OneWall, totaling $83 million in value, in a series of deals arranged by Dunne’s team.
“We are very pleased to have represented OneWall Communities in the sale of their Essex County portfolio,” he said. “Investor interest for lifestyle-workforce housing product in transit-oriented locations proved to be very strong throughout our marketing efforts.”
OneWall sells two-building, 191-unit Newark rental portfolio for $30 million
