6 Glenwood Ave. in East Orange — Courtesy: Hudson Atlantic Realty
By Joshua Burd
A private investor has purchased a four-building, 96-unit apartment portfolio in East Orange for $15.6 million, in a newly announced transaction by Hudson Atlantic Realty.
Located minutes from mass transit and the city’s downtown, the properties include 30 Beech St., 46 South Arlington Ave., 6 Glenwood Ave. and 363 Park Ave. Hudson Atlantic announced the deal Thursday, noting that each building is recently renovated with hardwood floors, upgraded kitchens, on-site laundry and separately metered utility services.
Each property is within walking distance of either the Brick Church or East Orange train station along NJ Transit’s Morris & Essex Line, the brokerage team said.
“At a selling price of more than $162,000 per unit, this sale sets a high benchmark for the East Orange submarket signaling growing interest in secondary markets from both investors and tenants,” said Adam Zweibel, managing partner of Hudson Atlantic. “This is just the beginning of a very bright future for New Jersey’s emerging inner-ring markets.”
The firm added that it has now sold four portfolios in 2022, its first year of operation.
“Getting this deal across the finish line required an extraordinary effort by the Hudson Atlantic team given the complexities of orchestrating a multi-property transaction within an accelerated timeline in a rising interest rate environment,” said Jeffrey Otteau, the firm’s managing broker. “It’s our team commitment to this ‘Whole of Company’ approach that drives success for our clients, our professionals and our company.”