Community Preservation Partners & L&M Development Partners Acquire Multifamily Property In East Orange For $94M

500 N. Walnut Street, a multifamily property located in East Orange, was recently sold in a closed transaction. The property, consisting of 405 units, was purchased by Community Preservation Partners and L+M Development Partners from Squiretown Properties LLC. The sale was facilitated by Jessie Elsanhuty of Colliers International. The transaction was completed on November 18, 2020, with a purchase price of $94,000,000, resulting in a per unit price of $232,099.

Summary of transaction details

• Property Type: Multifamily
• Transaction Amount: $94,000,000
• Units: 405
• Price per Unit (PPU): $232,099

The buyer, Community Preservation Partners and L+M Development Partners, acquired the property, while the seller was Squiretown Properties LLC. Providing representation for the transaction, Jessie Elsanhuty of Colliers International acted as the broker.