CBRE announced today the sale of 75 Prospect Street in East Orange, New Jersey, a 44-unit apartment building which spans 10 stories. The CBRE Institutional Properties team of Jeffrey Dunne, Jeremy Neuer, Rich Gatto, Fahri Ozturk, and Zach McHale represented OneWall Communities, a Stamford, CT-based apartment owner and operator, in the transaction. The CBRE team was also responsible for procuring the buyer.
75 Prospect is predominately comprised of three-bedroom and four-bedroom apartments. Most of the apartments stretch from the front of the building to the back and feature ample windows which offer an abundance of natural light to residents. The property is ideally positioned within a five-minute walk from the Brick Church train station, providing direct service to Manhattan in about 26 minutes. Additionally, the property is less than two miles from the entrance ramps to both the Garden State Parkway and I-280.
CBRE Vice Chairman, Mr. Jeffrey Dunne commented, “This is a one-of-a-kind asset in the East Orange market. The average size of the apartments, 1,860 sq. ft., is unmatched and will likely never be replicated. The buyer thoroughly recognized the uniqueness of 75 Prospect and acted quickly and aggressively to secure the deal.”
Over the past four months, the CBRE Institutional Properties team, on behalf of OneWall Communities, has arranged the sale 492 units in East Orange and Newark for a total value of $83 million.
Mr. Dunne commented further, “We are very pleased to have represented OneWall Communities in the sale of their Essex County Portfolio. Investor interest for lifestyle-workforce housing product in transit-oriented locations proved to be very strong throughout our marketing efforts.”
The CBRE Institutional Properties team has several other attractive investment opportunities on the market including FIVE20 Views, a 111-unit Class A apartment community with unobstructed views of the NYC skyline in Fairview, NJ; One23 Apartments, an 80-unit Class A multifamily community less than one mile from the Lincoln Tunnel in Union City, NJ; and Hudson Lights, a 276-unit Class A multifamily community adjacent to the George Washington Bridge in Fort Lee, NJ.