157 Halstead St. in East Orange — Courtesy: Gebroe-Hammer Associates
By Joshua Burd
More than 300 apartments have changed hands in eastern Essex County under two recent portfolio sales brokered by Gebroe-Hammer Associates, the firm said Monday.
The deals total $29.9 million in value, including the $15.65 million sale of 151 units spanning 157 and 147-149 Halstead St. and 157 South Harrison St., all in East Orange. David Oropeza, managing director with the Livingston-based multifamily brokerage, represented both the buyer and seller in the transaction.
The other portfolio is made up of 157 units at 100 Washington St. in East Orange and 212 Central Ave. in Orange, Gebroe-Hammer said in a news release. Oropeza worked with Debbie Pomerantz, a senior vice president with the firm, in the $13.54 million deal.
“East Orange is well on its way to becoming the next major North Jersey-metro hub associated with multifamily investment,” Oropeza said. “During the past three to four years in particular, apartment buildings in close proximity to transit have attracted heightened private investment to the city and, in turn, has fed neighborhood revitalization.”
The deals come weeks after Oropeza, a specialist in the region, closed four other multifamily sales in East Orange, Orange and Irvington for a total of 170 units. The largest among them is a 73-unit portfolio spanning six properties at 63 North Walnut St., 132 North Grove St., 433 William St., 75 Carnegie St., 572 Springfield Ave. and 998 18th Ave.
Oropeza also arranged the separate $2.6 million sale of 30 units at the South Harrison Apartments, located at 370 South Harrison St. in East Orange.
In Orange, he brokered the $4.2 million sale of 364 and 372 White St., which total 42 units. Some five miles away in Irvington, Oropeza also arranged the $1.95 million sale of 25 units at 25 Linden Ave.
In the six transactions, the 30-year investment brokerage veteran exclusively represented the sellers and identified the buyers of each property.
“Once considered the apex of the triangle of urban post-industrial decay, East Orange has made tremendous advancements in transforming its image to that of an up-and-coming bedroom community — a model to which Orange and Irvington are working toward as well,” Oropeza said.
