Pacific Urban Residential has acquired Gaslight Commons, a 200-unit property in South Orange, N.J. CBRE brokered the $84.2 million transaction on behalf of the seller, J.P. Morgan Asset Management, and procured the buyer.
The seller picked up the luxury asset back in 2003 from its original developer, LCOR Inc., for $42 million, Yardi Matrix data shows.
Completed in 2002, the two-building community is situated at 28 W. 3rd St. on a 4.8-acre site. Positioned in the proximity of NJ Transit’s South Orange station, Gaslight Commons is within walking distance of the S. Orange Avenue retail corridor and less than 3 miles of Interstate 78.
The pair of three-story structures have square-shaped footprints, centered around open interior patios, one of which houses a pool. Other common-area amenities include a clubroom, fitness center and covered parking. Apartments offer granite countertops, stainless steel appliances, balconies and walk-in closets.
The CBRE team arranging the deal included Jeffrey Dunne, Gene Pride, Jeremy Neuer, Steve Bardsley, David Gavin and Travis Langer. According to Pride, the new ownership is planning to further invest in capital improvements, such as upgrades of common areas and outdoor spaces, as well as retouches of interior unit-finishes. Last February, part of the same brokerage team was involved in the $233 million sale of a 915-unit property in Long Island, N.Y.
In a similar deal in late 2019, Pacific Urban expanded its New Jersey footprint with the $97.9 million acquisition of a 217-unit community across the street from NJ Transit’s Morristown station. The six-story transit-oriented property came online in 2010.