Part of a four-building, 130-unit multifamily portfolio in East Orange and Irvington — Courtesy: Marcus & Millichap
By Joshua Burd
More than 200 apartments have changed hands in Essex County for a combined $26.4 million, under a series of newly announced transactions by Marcus & Millichap.
The brokerage firm announced Wednesday that it represented the sellers in three deals:
- The $13.85 million sale of a 130-unit, four-building multifamily portfolio in East Orange and Irvington
- The $3.35 million sale of a 29-unit property at 120 Halsted St. in Orange
- The sale of a 42-unit multifamily property at 259 Reynolds Terrace in East Orange
A Marcus & Millichap brokerage team led by senior partners Richard Gatto and Fahri Ozturk, along with Essex County specialist Thomas Cleary, marketed the properties and procured the buyers for all three transactions.
“East Orange continues to see tremendous demand from both local and out of market investors due to its high single digit year over year rental growth,” Gatto said. “This rental growth, driven by a new tenant base that has been priced out of the (New York City) market, is showing no signs of slowing down largely because of its convenient commute — just a short 24-minute direct train ride to midtown Manhattan.”
The firm noted that the Essex County portfolio was 98 percent occupied at closing. Each building has undergone recent renovations to its lobby and unit upgrades.
The Orange property, 120 Halsted St., is a five-story, 35,529-square-foot building one block from the Brick Church train station, Marcus said. Completed in 2016, the building features modern finishes and high-end interiors.
