CBRE has sold a 10-story, 44-apartment building in East Orange, according to a Monday announcement from the brokerage.
Located at 75 Prospect St., the asset is primarily comprised of three- and four-bedroom apartments. Most units span from the front of the building to the back and feature large windows to provide residents with an abundance of natural light. The property is conveniently located a five-minute walk from Brick Church Station, offering direct service to Manhattan in about 26 minutes. Additionally, the property is less than two miles from the Garden State Parkway and Interstate 280 ramps.
CBRE Institutional Properties’ team of Jeffrey Dunne, Jeremy Neuer, Rich Gatto, Fahri Ozturk and Zach McHale represented OneWall Communities, a Stamford, Connecticut-based apartment owner and operator, in connection with the transaction. The CBRE team was also responsible for finding the buyer.
CBRE Vice President Dunne said, “This is a unique asset to East Orange’s market. 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.
Over the past four months, the CBRE Institutional Properties team, on behalf of OneWall Communities, arranged the sale of 492 units in East Orange and Newark for a total value of $83 million.
“We are very pleased to have represented OneWall Communities in the sale of their Essex County portfolio. Investor interest in workforce lifestyle housing products in transit-enabled locations has proven to be very strong throughout our marketing efforts,” said said Dunne.