300 Watchung Ave. in Orange — Courtesy: McGee Ryan Assets
By Joshua Burd
A local real estate investment and development firm has expanded its holdings in Orange, acquiring a 12-unit multifamily property for $1.32 million.
The firm, McGee Ryan Assets, on Tuesday announced its acquisition of 300 Watchung Ave. from a private investor. Built in 1906, the fully leased, four-story brick building includes eight one-bedroom and four two-bedroom apartments, half of which have been renovated within the last two years.
Joni Sweetwood of The Kislak Co. Inc. represented the seller of the 8,000-square-foot corner property. Matt Dzbanek of Ariel Property Advisors arranged acquisition financing through Hunt Real Estate Capital.
“MR Assets is honored to serve the people of Orange by providing a quality housing experience for all of its residents,” Alexander McGee, founder and CEO of McGee Ryan Assets, said in a prepared statement. “Orange is changing every day for the better, and I envision my firm to be at the forefront of this renaissance. 300 Watchung Avenue is a well-maintained property at the heart of this revival and we are thrilled to add it to our portfolio.”
The firm, which is based in Newark, said the renovations at 300 Watchung include new kitchens, new floors and appliances. The building also has a new roof and upgraded electrical wiring.
Additionally, McGee cited the building’s proximity to Llewellyn Park and the city’s recent master plan, which calls for improving transportation, economic development, the arts and housing. He pointed to other signs of growth, including newly completed mid- and high-rise development near the Orange train station and other large-scale projects in the pipeline.
“As more and more individuals, families and businesses continue to choose Orange as their home, we believe, like the city, Orange is poised for a bright future,” McGee said. “Our aim is to tap into this development boom to increase the area’s quality housing options.”
MR Assets has acquired more than 14 multifamily properties in Newark and the Oranges in the past 12 months, according to a news release. McGee said he expects to continue to focus his investment strategy on housing assets close to transportation.
