17 Summit St. and 60 North Arlington Ave., both in East Orange — Courtesy: Gebroe-Hammer Associates
By Joshua Burd
A private investor has purchased two East Orange apartment buildings with a combined 94 units for $11.9 million, according to a brokerage team with Gebroe-Hammer Associates.
The larger property, which includes 52 homes at 60 North Arlington Ave., traded for $6.8 million thanks in part to its proximity to NJ Transit’s Brick Church Station and the region’s highway network, according to a news release. The same is true for the second property, 17 Summit St., which has 42 units and fetched $5.1 million.
Gebroe-Hammer’s David Oropeza represented the seller of both properties and procured the buyer.
“East Orange is the second-largest city in Essex County and the 14th most densely populated county in the nation,” said Oropeza, an executive managing director and submarket specialist with the firm. “In addition to its sought-after location, the city is undergoing an impressive revitalization with more than $1 billion in development activity in the works.
“The buyer recognized the tremendous upside potential of these properties, as well as unparalleled proximity to the City Hall Plaza Train Station, which is one block away, and access to amenities, including shopping, arts and culture and recreation. It’s an investment that aligns with their portfolio profile.”
In a news release, Gebroe-Hammer noted that 60 North Arlington Avenue Apartments is a collection of one-, two-, three- and four-bedroom homes dating to 1920. The property has been continually updated over the years, offering key-fob entry, on-site laundry facilities, renovated common areas, hardwood flooring and paved surface parking.
Meantime, 17 Summit Street Apartments is a four-story building constructed in 1926 and containing 35 one-bedroom and seven two-bedroom units. The property has paved and garage parking, laundry facilities, hardwood flooring, intercom systems, key-fob entry and an elevator.
“Since 2000, Essex County has been a hub for rebuilding and rehabilitating existing multifamily housing and a catalyst for the entire region’s renaissance, which in turn makes these historic buildings a solid investment,” Oropeza said. “It’s also worth noting that East Orange offers unrivaled proximity to employers and educational institutions throughout North Jersey to Manhattan, which equates to positive long-term tenant demand for decades to come.”
