CBRE arranges sale of apartment building in East Orange
OneWall Communities of Stamford, Connecticut has sold a 10-story Essex County apartment building with 44 units.
CBRE announced the sale of 75 Prospect St. to East Orange on May 2. An Institutional Properties team consisting of Jeffrey Dunne, Jeremy Neuer, Rich Gatto, Fahri Ozturk and Zach McHale represented OneWall Communities, the building’s owner and operator, in the transaction, while sourcing the anonymous buyer.
Financial terms of the transaction were not disclosed.
“This is a unique asset to East Orange’s market,” Dunne said in a statement. “The average apartment size, 1,860 square feet, is unmatched and will likely never be replicated. The buyer fully recognized the uniqueness of the 75 Prospect and moved quickly and aggressively to close the deal.
Primarily made up of three- and four-bedroom apartments, CBRE said the footprint of 75 Prospect’s living spaces generally runs the length of the building from front to back, with windows providing an abundance of light to residents.
Over the past four months, CBRE’s institutional properties team arranged the sale of nearly 500 units in East Orange and Newark on behalf of OneWall for a total value of $83 million, according to the real estate services firm. trading and investment.
“We are very pleased to have represented OneWall Communities in the sale of their Essex County portfolio,” Dunne added. “Investor interest in workforce lifestyle housing products in transit-enabled locations has been very strong throughout our marketing efforts. »
Offering direct service to Manhattan in less than 30 minutes, 75 Prospect is a five-minute walk from Brick Church Station. Its location also makes it easy to get around by car, less than 2 miles from the Garden State Parkway and Interstate 280 ramps.
According to CBRE, its Institutional Properties team also markets investment opportunities, including Fairview’s FIVE20 Views, a 111-unit Class A apartment community with sweeping New York skyline views; One23 Apartments in Union City, an 80-unit Class A multifamily community less than a mile from the Lincoln Tunnel; and Hudson Lights, a 276-unit Class A multifamily community adjacent to the George Washington Bridge in Fort Lee.