North Oraton Homes at 170 North Oraton Parkway in East Orange — Courtesy: Marcus & Millichap
By Joshua Burd
A seller has reaped $4.4 million from its sale of a 42-unit multifamily property in East Orange, according to brokers with Marcus & Millichap and Midtown Commercial Realty.
Jed P. Matricaria, an investment specialist in Marcus & Millichap’s New Jersey office, represented a private investor in the sale of the North Oraton Homes at 170 North Oraton Parkway, with assistance from Sharon Bullock of Midtown Commercial.
“We are pleased to complete this 42-unit affordable housing property for our clients and we are appreciative to the buyers of the property for a smooth transaction,” said Bullock, a director with the Short Hills-based firm.
Matricaria also represented the buyer.
“East Orange continues to see a significant revitalization centered around its two NJ Transit train stations — East Orange Station and Brick Church Station — which provide commuters with direct access to Midtown Manhattan in 25 to 30 minutes,” Matricaria said. “With a tremendous amount of new construction already delivered to the market and multiple projects being delivered soon, this asset offered the ability to invest in a newer construction building with significant upside and strong metrics such as high demand, low vacancy, and strong cash flows. The Marcus & Millichap platform and our unique marketing process generated multiple offers above the initial asking price, allowing us to maximize value for our client.”