A 42-unit apartment building in East Orange has sold for $4.4 million, Marcus & Millichap said Dec. 7.
Located at 170 N. Oraton Parkway, Regional Manager for the real estate brokerage firm’s New Jersey office James McGuckin announced the sale. Investment specialist Jed Matricaria, also based in Marcus & Millichap‘s N.J. office, had the exclusive listing to market the property on behalf of the private investor seller.
United Real Estate’s Sharon Bullock assisted in the transaction, Marcus & Millichap said. The buyer, also a private investor, was secured and represented by Matricaria.
The building was 100% occupied at closing, according to Marcus & Millichap.
The property is in close proximity to East Orange’s two New Jersey Transit stations – East Orange Station and Brick Church Station – and located just off the Garden State Parkway. It features separately metered, one-bedroom apartments; a finished basement with laundry room, two offices and a community room; and 21 parking spaces.
“With a tremendous amount of new construction already delivered to the market and multiple projects being delivered soon, this asset offered the ability to invest in a newer construction building with significant upside and strong metrics such as high demand, low vacancy, and strong cash flows,” Matricaria said. “The Marcus & Millichap platform and our unique marketing process generated multiple offers above the initial asking price, allowing us to maximize value for our client.”
The firm has been active in the past month, racking up sales in Somerset, Monmouth and Essex counties in November.d