Forge at Glassworks sells for $57M in Aberdeen, New Jersey

MORRISTOWN, N.J., Feb. 3, 2025 – JLL Capital Markets announced today that it has arranged the $57 million sale of The Forge at Glassworks, a 170-unit luxury market-rate community located in Aberdeen, Monmouth County, New Jersey.

JLL represented the seller, Ingerman Group, in arranging the buyer, Beachwold Residential.

The Forge at Glassworks, located at 118 Glassworks Blvd., offers residents convenient access to major regional employment hubs and amenities. Positioned just one mile from Exit 120 of the Garden State Parkway and within close proximity to the NJ Transit's Aberdeen-Matawan Station, the community provides direct transit connections to Manhattan and New Jersey coastline destinations.

Aberdeen Township, located in affluent Eastern Monmouth County, has a population of approximately 20,000, with an average household income of $142,987. Notably, 74% of residents are white-collar professionals. Monmouth County, home to over 646,000, is recognized for its scenic coastline, strong commercial presence and highly educated population, with 51% of residents holding a bachelor's degree or higher.

Built in 2017, The Forge at Glassworks is a garden-style, market-rate multi-housing community featuring spacious one- and two-bedroom apartments as well as three-bedroom townhome units. The average unit size is 1,077 square feet. Currently, it boasts an impressive occupancy rate of 98.2%. Each unit is outfitted with premium finishes, including Carrera quartz countertops, stainless steel appliances, in-unit washer and dryer sets and private balconies or patios. Community amenities include a resident lobby and clubroom, a pool, a fitness center with yoga studios and a sauna, a game room and multiple outdoor spaces, such as a terrace with a fire pit, park and walking trails.

JLL Capital Market’s Investment and Sales Advisory team representing the seller was led by Senior Managing Directors Jose Cruz, Michael Oliver and Steve Simonelli and Directors Elizabeth DeVesty and Austin Pierce.

"This strategic acquisition underscores the sustained investor enthusiasm in well-positioned multifamily assets within the New Jersey area," commented Cruz. "The Forge at Glassworks' advantageous location, strong market fundamentals and premium offerings position it as a sought-after asset in today's competitive 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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Ingerman, founded by M. Brad Ingerman in 1988, is a leader in the development, construction and management of high-quality rental communities throughout the Mid-Atlantic region. Ingerman has developed over 130 communities totaling over 10,000 units with $2 Billion in total development costs. It operates in NJ, PA, DE and MD. For more information, visit www.ingerman.com.

Beachwold Residential is a privately-owned real estate company, focused on the development, acquisition and management of multi-family properties. Through its vast operational and ownership experience, in depth knowledge of our target markets and long-lasting relationships with brokers, lenders and property managers, Beachwold is able to identify and acquire undervalued assets that offer superior long-term returns and lower than average risk. Beachwold controls over 16,000 multi-family units in Connecticut, New Jersey, Virginia, Georgia, Florida, Texas and Tennessee. For further information, visit beachwold.com.