JLL Capital Markets announced that it has arranged the $131.5 million sale of Summit Court, a 393-unit luxury apartment community located in Union, New Jersey.
JLL represented the seller, a joint venture between Fidelco Realty Group and Diversified Properties. Mark Cosenza, senior vice president of Inland Real Estate Acquisitions, LLC, facilitated the transaction on behalf of the buyer, an affiliate of The Inland Real Estate Group of Companies, Inc.
Summit Court, located at 450 Clermont Terrace, offers residents convenient access to major transportation routes and urban amenities. The property is situated within close proximity to the Garden State Parkway, Rte-9 and I-95, providing seamless connectivity throughout New Jersey and the greater Tri-State area. Residents benefit from nearby employment hubs such as Newark Liberty International Airport, Seton Hall University and Newark Beth Israel Medical Center, as well as diverse shopping opportunities.
Union Township is in Union County, New Jersey, approximately 20 miles southwest of New York City. With a 2023 population of 57,427 residents, the town boasts a diverse community with 68% of its residents being white-collar employees and an average household income of $136,129. Union Township is known being home to Kean University, a comprehensive global institution of higher education with over 16,000 undergraduate and graduate students.
The community boasts a high occupancy rate of 93% and offers residents upscale unit features such as nine-foot ceilings, smart lock entry, stainless steel appliances, kitchens with quartz countertops and full-height backsplashes and private balconies in all units. Summit Court’s extensive amenity package includes an outdoor pool and sundeck, clubhouse with catering kitchen, fitness center with Peloton bikes, courtyards with BBQs and dining areas, game room with billiards and electric charging stations.
JLL Capital Market’s Investment and Sales Advisory team representing the seller was led by Senior Managing Directors Jose Cruz, Mike Oliver and Steve Simonelli and Directors Elizabeth DeVesty and Austin Pierce.
“Summit Court presented investors with an exceptional opportunity to acquire a newly constructed, Class A apartment community with demonstrated cash flow and long-term tax benefits in a prime New Jersey location,” Cruz stated. “The property’s high-quality construction, attractive amenities, and proximity to transportation and employment centers made it a compelling investment in the competitive Northern New Jersey multifamily market.”
JLL Capital Markets is a full-service global provider of capital solutions for real estate investors and occupiers. The firm’s in-depth local market and global investor knowledge delivers the best-in-class solutions for clients — whether investment sales and advisory, debt advisory, equity advisory or a recapitalization. The firm has more than 3,000 Capital Markets specialists worldwide with offices in nearly 50 countries.
