CBRE sells 152-unit apartment community in Newark for $36.5M

A 152-unit, Class A apartment community located in the University Heights neighborhood of Newark has sold for $36.5 million, according to a Wednesday announcement from CBRE.

The CBRE team of Jeffrey Dunne, Jeremy Neuer, Steve Bardsley, Stuart MacKenzie, Eric Apfel and Travis Langer represented the seller, Tucker Development, while also procuring the buyer, RJ Block Properties.

Built in 2016, the community, known as 24 Jones, offers an attractive amenity package including a fitness center, resident lounge, outdoor patio with grilling areas, covered secure access parking and a 24-hour concierge. The property’s modern apartment finishes include vinyl plank flooring, granite countertops and stainless-steel appliances.

“24 Jones is an exceptional multifamily asset in a growing area of Newark. The property benefits from its proximity to Rutgers University Hospital and Medical School, while also sitting adjacent to ShopRite and other retailers. This should continue to drive demand, which bodes well for RJ Block’s investment,” Dunne said in a prepared statement.

Other parcels that CBRE Institutional Properties is currently marketing for sale include Plaza Square, a 415-unit apartment community in New Brunswick, and Lofts Two22, a 70-unit apartment community in Bayonne.