Lincoln Manor Apartments at 448-458 Lincoln Ave. in Orange — Courtesy: Berkadia
By Joshua Burd
Investment firm FM Equities has acquired a 68-unit garden apartment property in Orange for nearly $11 million, according to a listing team with Berkadia.
Brokers with the firm represented the seller, Layna Investments LLC, in the deal at 448-458 Lincoln Ave. They also procured the buyer, noting that residents of Lincoln Manor Apartments are minutes from the township’s main business district with a mix of shops, restaurants and nightlife and in-town stops for NJ Transit’s bus and rail service.
Berkadia Senior Managing Director Nat Gambuzza and Director Tim Blashford spearheaded the transaction.
“This sale demonstrates the ongoing appetite for garden-style multifamily properties in transit-oriented New Jersey communities,” Blashford said. “Strong demographic trends and rising rental demand continue to drive robust investor interest in Essex County.”
Gambuzza added: “Our deep knowledge of the Essex County market allowed us to effectively showcase Lincoln Manor’s value and connect our client with the ideal buyer. Essex County has been a hotbed of activity for our team having closed six transactions there year to date, with four more under contract.”
