434 Lincoln Ave. in Orange — Courtesy: The Kislak Co. Inc.
By Joshua Burd
An investment group has purchased an 80-unit garden apartment complex in Orange for nearly $14 million, in a newly announced deal by The Kislak Co. Inc.
Brokers with the firm said the property, Wedgewood House, includes a pair of three-story brick buildings at 434 Lincoln Ave. and within walking distance of two train stations in the city. Its now-former owner completed extensive renovations to many units and capital improvements such as new roofs, windows, laundry rooms and hallway lighting.
Kislak Executive Vice President Joni Sweetwood represented the seller, 434 Lincoln Avenue Associates LP, and affiliates in the $13.8 million trade, while Senior Vice President Daniel Lanni procured the undisclosed buyer. Brian Anderson of Progress Capital arranged $9.66 million in acquisition financing with a 5.52 percent rate and 70 percent loan-to-value ratio.
“The renovated units were one of the most desirable aspects of the offering,” Sweetwood said.
“They look and feel like new luxury construction but with higher-quality materials.”
In a news release, Kislak said the transaction is the single-largest sale of a multifamily property in Essex County since 2022, citing data from CoStar.
“Staying in constant touch with major owners and investors helped me to identify the group most likely to purchase this property and we were able to get it sold as efficiently as possible by properly handling the transaction from start to finish,” Lanni said.
Wedgewood House, which is about a half-mile from Interstate 280, sits on 1.76 acres with on-site parking for 85 cars, Kislak said. The unit mix consists of nine studios, 56 one-bedrooms and 15 two-bedrooms.
