The transformation of East Orange into a high-end commuter hub reached a new milestone today as CBRE was named the exclusive advisor for the sale of a premier two-building, 209-unit multifamily portfolio.
The offering includes The Modern and 227 North Walnut, a pair of newly constructed Class A assets that define the “Gold Coast” style of luxury living currently migrating inland toward Essex County’s transit-rich corridors. Both properties were delivered in 2024 and have already achieved stabilization, signaling high demand for upscale rentals in the area.
Located within a mile of each other, the properties offer the “New York lifestyle” at a New Jersey price point. They sit just minutes from the Brick Church and East Orange Transit stations, providing residents with a roughly 25-minute direct commute to New York Penn Station.
The marketing campaign is being led by CBRE’s Fahri Ozturk and Zach McHale on behalf of a Northern New Jersey-based real estate investment firm.
“This offering allows the next owner to step immediately into a stabilized, cash-flowing position—bypassing the entitlement, construction, and lease-up risk that typically accompany new development,” Ozturk said. “Both assets are institutional quality with long-term PILOT (Payment in Lieu of Taxes) agreements that provide exceptional cash-flow certainty.”
The portfolio reflects the high-end amenities that have become standard in the Jersey City and Hoboken markets, now proving successful in the East Orange core.
Portfolio Breakdown:
- The Modern: Features 119 residences with a mix of studio, one-, and two-bedroom layouts. Units range from 710 to 1,177 square feet.
- 227 North Walnut: Comprises 90 units, including 86 market-rate and four affordable housing units. Studios and two-bedroom homes range from 789 to 1,274 square feet.
Both buildings feature comprehensive amenity packages designed to appeal to urban professionals, including:
- State-of-the-art fitness centers and tenant lounges.
- Rooftop lounges with private rooftop decks for top-floor tenants.
- Secure, covered parking and high-end interior finishes.
The sale comes as East Orange continues to outperform traditional suburban expectations. According to recent market data, home prices in the city were up 11.1% as of March 2026, while the rental market maintains a steady year-over-year growth rate of 3.1%.
For institutional investors, the appeal lies in the “PILOT” agreements. These tax abatements are increasingly rare in the current economic climate but are a staple of this portfolio, ensuring that operating expenses remain predictable even as the neighborhood’s value appreciates.
As the East Orange skyline continues to rise, the sale of The Modern and 227 North Walnut is expected to draw significant interest from national firms looking for a foothold in the competitive NYC commuter belt.
