Metropolitan America has sold Robert Towers, an 11-story multifamily property in East Orange, N.J., for $22 million, or $106,796 per unit. The company previously purchased the community in October 2011 from Shamco Management for $9.1 million.
Located at 60 S. Munn Ave., the 206-unit asset features studio, one- and two-bedroom floorplans ranging from 400 to 730 square feet. The building was constructed in 1952 and currently has an occupancy of 96.1 percent as of April 2018, according to Yardi Matrix. The property features 6,000 square feet of ground floor retail, laundry facilities and 210 parking spaces.
Marcus & Millichap’s Vice President Investments Fahri Ozturk and Sales Manager Richard Gatto represented the seller and procured the buyer, EOA 206 LP. Senior Director Eric Seidel, of the firm’s Capital Corp. division, arranged $19.8 million of 36 months interest-only acquisition financing on behalf of the buyer.
“East Orange is going through a tremendous revitalization centered around its two NJ Transit train stations, East Orange Station and Brick Church Station, which provide commuters with direct access to Midtown Manhattan via a 25-minute train ride,” said Gatto, of Marcus & Millichap’s New Jersey office. “East Orange offers investors the opportunity to invest in an urban market with strong metrics such as high demand, low vacancy, and strong cash flows with significant upside.”
Last month, Marcus & Millichap Capital Corp. arranged a 10-year, $10.8 million acquisition loan on behalf of a private buyer to purchase Granada Pointe Townhomes in Los Angeles.
Image courtesy of Yardi Matrix