Hudson Atlantic Realty Closes $15.6M East Orange Multifamily Portfolio Sale

Four multifamily buildings with a total of 96 apartment units in East Orange, NJ, have been sold in a portfolio sale for $15,600,000. The properties, located at 30 Beach Street, 46 S Arlington Ave, 6 Glenwood Ave, and 363 Park Ave, underwent recent renovations including hardwood floors, upgraded kitchens, on-site laundries, and separately metered utility services.

Summary of transaction details

• Property Type: Multifamily
• Transaction Amount: $15,600,000
• Units: 96
• Price per unit (PPU): $162,500
• Total Square Footage (SF): 62,850
• Price per Square Foot (PPSF): $248

Hudson Atlantic Realty facilitated this deal, setting a high benchmark for the East Orange submarket with a selling price of over $162,000 per unit. The sale signals increasing interest in secondary markets from both investors and tenants. Adam Zweibel, managing partner of Hudson Atlantic, commented on the significance of the transaction, highlighting the bright future for emerging inner-ring markets in New Jersey.

This is the 4th portfolio sale for Hudson Atlantic in 2022, demonstrating their success in multi-family brokerage during their first full year of operation. Jeffrey Otteau, the firm's managing broker, acknowledged the exceptional effort required to orchestrate a multi-property transaction within an accelerated timeline and rising interest rate environment. The commitment of the Hudson Atlantic Team to a "Whole of Company" approach drives success for their clients, professionals, and company.