CBRE announces $6M sale of apartment site in Union

CBRE announced on Tuesday the $6 million sale of Liberty Place Development Site, a 6.4 acre multifamily development site in Union that has been fully approved for 153 apartments.

CBRE’s Jeffrey Dunne, Gene Pride, Jeremy Neuer, Eric Apfel, Zach McHale, Nat Gambuzza and Trevor Fiebel, represented the owner, Sherwood Group Associates, and procured the buyer, RMS Companies, in the deal.

“We are pleased to have represented Sherwood Group Associates in this sale,” Dunne said. “The suburban location is the right place for new residential development as demographic trends show increasing interest from renters in places like Union that offer convenient access to employers throughout the region, while also providing a high quality of life in a suburban setting.”

The site is within close access to the Garden State Parkway and NJ Transit train stations in Union and Roselle Park.

“RMS Companies will do well with this development given their modern design with generous sized apartments, designer finishes and luxury amenities,” Pride said. “The timing for this development is turning out to be opportune as renters are more actively looking for high quality apartments in less dense locations.”