Gebroe-Hammer Associates said June 23 it was appointed the exclusive broker to market the South Harrison-Clinton Portfolio, a 129-unit, three-building collection of apartment properties within the heart of East Orange.
Executive Managing Director David Oropeza, a 35-year East Orange market specialist, is spearheading the assignment on behalf of Rockledge.
Comprised of extremely well-maintained, architecturally distinct midrise assets, the South Harrison-Clinton Portfolio properties are located less than 1 mile from each other in the walkable city-center neighborhood of Brick Church. The properties include 94 S. Harrison St. (46 units), 49 and 55 S. Clinton St. (53 units) and 362, and 370 S. Harrison St. (30 units), which offer a combined mix of spacious studio to three-bedroom layouts.
“Collectively and individually, the South Harrison-Clinton Portfolio properties possess historically stabilized occupancy rates for multifamily product that hails from their early- to mid-20th Century vintage,” said Oropeza. “In conjunction with its already completed renovations undertaken by current ownership, including kitchen, bath, flooring and community-space capital improvements, each of the properties is primed for upside associated with East Orange’s accelerating redevelopment initiatives.”
As Essex County’s second-largest city behind its neighbor Newark, East Orange has more than $1 billion in development activity underway. This includes high-profile initiatives at the Crossings at Brick Church Station, City Hall Plaza Redevelopment, North Walnut and William Streets and the emergence of the East Orange Cultural Arts District.
“This wave of revitalization is not only a catalyst for tenant gentrification and diversification of the city’s existing apartment-rental options, it also has created heightened investment demand for existing high-caliber multifamily properties,” said Oropeza. “Well-located properties with good bones, such as those in the South Harrison-Clinton Portfolio, are capable of realizing significant upside associated with their untapped potential.”