GEBROE-HAMMER BROKERS $10.5 MILLION DISTRESSED APT SALE IN N.J.

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EAST ORANGE, N.J. — Gebroe-Hammer Associates has brokered the sale of a distressed multifamily portfolio in East Orange for $10.5 million. The portfolio comprises a mix of units in mid- and high-rise buildings located at 106, 120, 158 and 179 S. Harrison St. All four buildings were constructed in the 1920s. David Oropeza of Gebroe-Hammer represented the seller, which is currently in Chapter 11 bankruptcy. The buyer plans to renovate the units to bring them up to market standards. Oropeza also assisted in the recent sale of 50 units nearby at 10 S. Grove St. and 242 N. Oraton Parkway. He also brokered the $13.35 million sale of 320 distressed units located along South Harrison and Prospect streets.

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