$131.5M sale arranged for luxury apartment community in Union, NJ

MORRISTOWN, N.J., Feb. 19, 2025 – JLL Capital Markets announced today 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.

Summit Court is a newly constructed, two-phase luxury apartment community. Built in 2018 and 2023, the community comprises of 351 market-rate apartments and 42 affordable units, with a mix of one-, two- and three-bedroom floor plans. 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.

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Diversified Properties, founded in 2000 by Nick Minoia, is a prominent commercial real estate builder and owner with a diverse portfolio of high-quality assets throughout the northeast. The company has developed real estate valued at more than $1.5 billion, including over 10,000 multifamily units and 800,000 sq. ft. of commercial space across NJ, NY, PA, MD and CT, while currently managing a portfolio valued in excess of $500 million and a development pipeline of 4,000 residential rental units.

Fidelco Realty Group is an owner-developer of residential, commercial and industrial properties primarily located in New York, New Jersey, Florida and Ohio. For over 45 years, Fidelco has been an active investor in properties which require rehabilitation, repositioning and/or environmental remediation, restoring these properties for the benefit of local communities. Recognized for its diverse portfolio of properties, Fidelco has been a leader in redevelopment as well as new construction projects, with those completed or under development encompassing millions of square feet of property.

With a focus in Newark, Fidelco renovated the 400,000-square-foot 1 Washington Park office tower and worked hand-in-hand with Rutgers University to build a world-class business school, housed within the high rise. Additionally, Fidelco developed award-winning projects like the 494 Broad Street office complex and parking garage in Newark, 15 James Street and the state-of-the-art, 140,000-square-foot FreezPak freezer warehouse facility in Elizabeth/Newark. Currently, Fidelco is redeveloping its historic 550 Broad Street building, set to house a diverse roster of tenants and a wealth of world-class amenities for professionals, neighbors, community members, and more.

Inland Real Estate Acquisitions, LLC assists in identifying potential acquisition opportunities, negotiates acquisition-related contracts and acquires real estate assets for the various entities that are a part of The Inland Real Estate Group of Companies, Inc., one of the nation’s largest commercial real estate and finance groups, which is comprised of independent legal entities, some of which may be affiliates, share some common ownership or have been sponsored and managed by such entities or subsidiaries thereof (collectively, “Inland”). For additional information, please refer to Inland’s website at www.inlandgroup.com.