Essex County apartments to stay affordable after $22M trade
A multifamily owner is set to acquire a 178-unit property in East Orange, as part of a $22 million deal that calls for preserving its status as affordable housing.
Orbach Affordable Housing Solutions, a subsidiary of the Orbach Group, announced Monday it has contracted to purchase the Arlington House at 55-57 South Munn Ave. The deal includes a Housing Assistance Contract though the U.S. Department of Housing and Urban Development, which provides Section 8 vouchers to low-income families.
The Englewood Cliffs-based firm will extend the HUD contract for another 20 years.
“My goal is to preserve affordable communities,” Meyer Orbach, chairman of the Orbach Group, said in a prepared statement. “That’s why I created Orbach Affordable Housing Solutions and will continue to expand my affordable housing portfolio.”
Marcus & Millichap was the broker in the transaction, the firm said in a news release.
Orbach Affordable Housing Solutions owns and manages more than 2,000 affordable units and has $150 million of acquisitions set to close this year, the firm said Monday. The firm owns an additional 4,000 multifamily units in New York, New Jersey, Pennsylvania and California.