Inland Buys NJ Community for $132M
JLL represented the seller of this luxury property.
The Inland Real Estate Group of Cos. Inc. has paid $131.5 million for Summit Court, a 393-unit luxury multifamily property in Union, N.J. A joint venture between Fidelco Realty Group and Diversified Properties sold the asset. JLL brokered the deal on behalf of the seller, while the buyer was represented in-house.
Located at 450 Clermont Terrace on a 15-acre lot, the community is close to multiple bus stops, as well as to the Union train station, while allowing easy access to dining and retail options in the area. Downtown Jersey City is 17 miles away, while Newark Liberty International Airport is just 4 miles from the property.
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Built in two phases, in 2018 and 2023, Summit Court features 351 market-rate units and 42 affordable units. The community has one-, two- and three-bedroom floorplans ranging between 694 and 1,194 square feet. Apartments include washers and dryers, 9-foot ceilings, stainless steel appliances, quartz countertops, smart-lock entries and private balconies.
The amenity package at the pet-friendly property features a clubhouse with a catering kitchen, a fitness center, a game room, an outdoor swimming pool with sundeck, multiple courtyards, barbecue and dining spaces, as well as 679 vehicle parking spots and electric charging stations.
JLL Senior Managing Directors Jose Cruz, Mike Oliver and Steve Simonelli, together with Directors Elizabeth DeVesty and Austin Pierce, negotiated the deal on behalf of the seller. Inland Senior Vice President Mark Cosenza represented the buyer.
Recent New Jersey deals
Earlier this month, Ingerman Group sold a 170-unit property in Aberdeen, N.J., to Beachwold Residential. The garden-style community traded for $57 million.
And in January, another New Jersey multifamily asset changed hands for a significant amount. PGIM Real Estate obtained $158.5 million for a 348-unit community in West New York. The buyer was a new partnership between Aker Cos. and a global institutional investment manager.
