Essex County Seeing a Rising Multi-Family 'Fervor', Livingston Real Estate Firm Says

An Essex County real estate firm is reporting that there is a rising “fervor” for multi-family property investments in major transportation arteries throughout Essex County.

On Tuesday, Livingston-based Gebroe-Hammer Associates announced that the firm recently arranged four trades totaling 176 units on behalf of private investors in Irvington, Montclair and East Orange.

Recent sales included:

• The $5.65 million sale of a two-property package in Irvington (336 and 505-515 Stuyvesant Avenue) that includes a six-building portfolio of 80 and 40 units.
• The sale of 14 renovated studio apartments and two ground-floor retail units at the intersection of Campfield Street and Chancellor Avenue in Irvington.
• The $4.05 million sale of a two-building portfolio of 28 units located at 97 and 101 Pine Street in Montclair.
• The trade of nine residential and three commercial units at 13-23 Harrison Street in East Orange

“Investors who traditionally target Essex County’s high concentration of existing apartment properties are exploring virtually any and all options,” stated David Oropeza, managing director and the firm’s Essex County market specialist.

“In the coming months, we expect to see accelerated trading through year-end in markets throughout Essex County and greater Northern New Jersey as a whole,” he added.

Photo courtesy of CMM Strategic Communications

Pictured above: 97 and 101 Pine Street in Montclair