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South Orange apartment community sold for $32 million

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Livingston-based real estate broker Gebroe-Hammer Associates announced today it has arranged the $32 million sale of The Avenue at South Orange, a 79-unit luxury loft-style apartment community with 4,000 square feet of ground-floor retail space.

According to the company, the property has consistently enjoyed high occupancy, leading to a sale price of more than $400,000 per unit. The property was built in 2010; average monthly rents range from $1,615 to about $3,725.

 

 

 

 

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