Inland Affiliate Acquires NJ Apartments for $131M
JLL Capital Markets arranged the $131.5-million sale of Summit Court, a 393-unit luxury apartment community located in Union, NJ. JLL represented the seller, a joint venture between Fidelco Realty Group and Diversified Properties.
Mark Cosenza, SVP 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. He received assistance from Michael A. Wilson and Gina R. LaMantia of Equis Law Group, LLC.
Constructed in 2018 and 2023 and located at 450 Clermont Terr., Summit Court is comprised of 210 one-bedroom, 183 two-bedroom and one three-bedroom units. Each unit features nine-foot ceilings, smart lock systems, stainless steel appliances and a full-size washer and dryer.
“Summit Court is an optimal living destination for residents,” said Cosenza. “With seamless access to major highways and a plethora of shopping, dining and entertainment options, this community’s desirable location in Union Township, combined with luxury resort-style finishes, make this the type of multifamily property we continue to seek for acquisition.”
