East Orange
247-249 Amherst, East Orange 189-191 Elmwood Ave, East Orange 210 N 15, East OrangeInvestment Details
Location
The East Orange portfolio presented a prime value-add opportunity in one of New Jersey’s strong, up-and-coming markets. Comprising a diverse mix of apartment units, the portfolio was well-positioned for operational and financial improvements. Nord Group implemented a comprehensive value-add strategy that significantly enhanced the portfolio’s performance.
One of the core components of the strategy was the renovation of approximately 40% of the units. These renovations focused on modernizing interiors, upgrading finishes, and improving overall tenant satisfaction. As a result of these efforts, the average rent across the renovated units increased by $200 per month.
In addition to the physical improvements, effective property management played a critical role in the portfolio’s success. Through diligent oversight and a focus on tenant relations, collections were increased from 81% to an impressive 96%.
Overall, the value-add efforts resulted in a total NOI increase of approximately $110,000, positioning the portfolio for a successful exit. As investor demand in the East Orange market grew, the property was sold at a lower cap rate, reflecting the strong interest from buyers seeking stable, income-generating assets.