OneWall Communities of Stamford, Conn., sold an apartment building in Essex County that stands 10 stories high with 44 units.
CBRE announced the sale of 75 Prospect St. in East Orange May 2. An Institutional Properties team of Jeffrey Dunne, Jeremy Neuer, Rich Gatto, Fahri Ozturk and Zach McHale represented OneWall Communities, the building owner and operator, in the transaction, while also procuring the unnamed buyer.
Financial terms of the transaction were not disclosed.
“This is a one-of-a-kind asset in the East Orange market,” Dunne said in a statement. “The average size of the apartments, 1,860 square feet, 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.”
Mostly comprised of three- and four-bedroom apartments, CBRE said the footprint for 75 Prospect’s living spaces typically stretch the length of the building from front to back, featuring windows offering an abundance of light to residents.
Over the past four months, CBRE’s Institutional Properties team has arranged the sale of nearly 500 units in East Orange and Newark on behalf OneWall for a total value of $83 million, according to the commercial real estate services and investment firm.
“We are very pleased to have represented OneWall Communities in the sale of their Essex County Portfolio,” Dunne added. “Investor interest for lifestyle-workforce housing product in transit-oriented locations proved to be very strong throughout our marketing efforts.”
Offering direct service to Manhattan in under 30 minutes, 75 Prospect is within a five-minute walk to the Brick Church train station. Its location also offers easy travel by automobile, less than 2 miles from the entrance ramps to both the Garden State Parkway and Interstate 280.
According to CBRE, its Institutional Properties team is also marketing investment opportunities including Fairview’s FIVE20 Views, a 111-unit Class A apartment community with unobstructed views of the New York City skyline; One23 Apartments in Union City, an 80-unit Class A multifamily community less than one mile from the Lincoln Tunnel; and Hudson Lights, a 276-unit Class A multifamily community adjacent to the George Washington Bridge in Fort Lee.