Essex County, NJ — The fervor for multi-family property investments in major transportation arteries throughout Essex County is escalating as anticipation of rising interest rates continues to loom, according to the professionals at Gebroe-Hammer Associates. The Livingston-based firm recently arranged four trades totaling 176 units on behalf of private investors in Irvington, Montclair and East Orange, where major highways include the Garden State Pkwy., I-280 and I-78.
“Investors who traditionally target Essex County’s high concentration of existing apartment properties are exploring virtually any and all options, from class A to class B and class C product, to newly renovated versus value-add opportunities,” said David Oropeza, managing director and the firm’s Essex County market specialist. “An overwhelming majority of these potential buyers are private individuals who have been and continue to be the sustaining force behind New Jersey’s multi-family market, in terms of ownership and investment.”
Oropeza recently arranged the $5.65 million sale of a two-property package in Irvington. He exclusively represented the seller and identified the buyer of 336 and 505-515 Stuyvesant Ave., a six-building portfolio of 80 and 40 units, respectively. Both properties include on-premises parking, garages, on-site laundry and balconies.
Nearby, at 649 Chancellor Ave., executive vice president David Jarvis arranged the sale of 14 renovated studio apartments and two ground-floor retail units. Located at the intersection of Campfield Street and Chancellor Ave. , the three-story walk-up is in the heart of the city, close to transit, highways, dining and shopping.
The township’s highway network includes I-78 along the southeastern border and the Garden State Pkwy. running thought its center from Exits 143 and 144 County Rd. 509 and Rte. 124 are among the local roads.
According to Oropeza, many owners are evaluating their holdings along major transportation routes during this time when an interest rate hike is inevitable. “In the coming months, we expect to see accelerated trading through year-end in markets throughout Essex County and greater Northern NJ as a whole,” he said.
In the suburban commuter hub of Montclair, the Gebroe-Hammer brokerage team of Ken Uranowitz, president, and Nicholas Nicolaou, senior vice president, collaborated to arrange the sale of a two-building portfolio of 28 units. Located at 97 and 101 Pine St. (pictured), adjacent to one another, the properties garnered a combined $4.05 million. The mix of studio and one- and two-bedroom floorplans feature new modern kitchen and baths as well as hardwood flooring. The buildings are two blocks from one of seven rail stations serving Montclair – the Bay Street Train Station, which offers Midtown Direct service. Bus and private vehicle traffic access the Garden State Pkwy. to the east, U.S. Rte. 46 and Rte. 3 to the north and N.J. Rte. 23 to the west, slightly past the town’s borders.
Rounding out Gebroe-Hammer’s recent Essex County sales activity is the trade of 9 residential and three commercial units at 13-23 Harrison St., in East Orange. The Oropeza/Jarvis team once again exclusively represented the seller and the buyer in the transaction. The building’s one, two to three-bedroom layouts feature distinct floorplans.