400 Highland Terrace in Orange — Courtesy: Marcus & Millichap
By Joshua Burd
A private investor has sold an 81-unit apartment building in Orange for $14 million, under a newly announced transaction by Marcus & Millichap.
The brokerage firm says the property, 400 Highland Terrace, drew significant interest thanks in part to recent development in the surrounding neighborhoods. The building also boasts a location near the Highland Avenue train station, contributing to a sale price of $172,840 per unit.
Marcus & Millichap investment specialists Richard D. Gatto and Fahri Ozturk represented both parties in the deal.
“400 Highland Terrace sold at a record price per unit for similar product type even with the many challenges presented during the pandemic,” Gatto said. “Fortunately, our process and long-term relationships gave us the ability to get this deal across the finish line.”
In a news release, Marcus noted that 20 units at 400 Highland Terrace have undergone renovations. The collection of studio, one-bedroom and two-bedroom apartments also has a new roof and two elevators.
Additionally, the property has easy access to the Garden State Parkway, Interstate 78 and other area highways.
