12-20 Canfield St. in Orange — Courtesy: CBRE
By Joshua Burd
An investor has paid more than $7.3 million for a 47-unit apartment building in Orange, CBRE said, in the largest of four newly completed transactions in Essex County.
The real estate services firm on Monday announced the investment sales, which total $13.62 million and comprise 116 units. The Orange property, located at 12-20 Canfield St., changed hands among local investors for $7.325 million.
The properties also included:
- 993 Stuyvesant Ave. in Irvington, a 32-unit apartment building that sold for $2.7 million
- 1438-1442 Springfield Ave. in Irvington, a 10-unit building with six stores, which sold for $995,000
- 211-213 Summer Ave. in Newark, a 17-unit building that sold for $2.6 million
“We have seen major cap rate compression in Essex County, which is where all four of these properties are located,” said Nat Gambuzza, a senior vice president with CBRE, who leads a team of eight in the New Jersey Investment Properties group. “In particular, there has been tremendous demand for urban Essex County assets.”
Gambuzza, John Veniero, Trevor Fiebel and Manny Sanghera led the CBRE team that represented the sellers and procured the buyers. All parties were local investors.
“There is no summer slowdown for CBRE,” Gambuzza added. “This brings the team’s Essex County total sales to $107,895,000 for this summer and we continue to bring new deals to the market for our clients.”
