East Orange rental portfolio sold for $19.4 million

An out-of-state buyer has paid nearly $19.4 million to acquire a four-building, 200-unit apartment portfolio in East Orange, as part of a sale brokered by The Kislak Co. Inc.

The buildings, which are in close proximity, include:
• 82 units at 106 North Grove St.
• 73 units at 25 North Harrison St.
• 28 units at 100 Chestnut St.
• 17 units at 492 Park Ave.

Kislak announced the $19.35 million sale after marketing the properties. Senior Vice President Scott Davidovic represented the seller, while Senior Vice President Robert Squires represented the buyer. They touted the buildings’ location near the East Orange and Brick Church train stations, which offer commuters a roughly 20-minute ride into Manhattan, along with the Garden State Parkway and Interstate 280.

“East Orange has become a more attractive and affordable city for people to live in given its close proximity to New York City and major transportation hubs,” Davidovic said. “For investors, rents continue to rise and since we are still in a low interest rate environment, landlords are able to sell at low cap rates. This transaction is a prime example.”

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Article from Real Estate NJ
By Joshua Burd

*TSCPIX thanks the Otteau Valuation Group for providing the links to these articles