JLL Capital Markets announced on Monday it has completed the $29.6 million sale of an apartment community in Metuchen.
The Hub at Metuchen is a one- and two-bedroom Class A mixed-use residential and retail community located in the area’s downtown retail district at 658 Middlesex Ave.
JLL’s Jose Cruz, Steve Simonelli, Michael Oliver, Kevin O’Hearn and Michael Kavanagh marketed it on behalf of the seller, Renaissance Properties. An undisclosed buyer purchased the asset as part of a 1031 exchange.
The transit-oriented community is situated on 2.69 acres just off Interstate 287 and less than a 10-minute walk to the Metuchen train station.
Completed in 2018, The Hub at Metuchen has a mix of 79 luxury apartments which average 899 square feet, plus 11,203 square feet of retail and 136 parking spots. Amenities include a fitness center with yoga room, resident lounge, bike storage and pet washing station. Units feature quartz countertops, wood cabinets, designer tiles, plank floors, smart lock entry and in-unit washer/dryers.
“We are seeing transactions that represent good long-term opportunities in strong markets still closing given today’s current environment,” Cruz said.