Plaza Square in New Brunswick has been sold to Renaissance Management for $173.45 million, according to a Wednesday announcement from CBRE.
The 415-unit Class A apartment community located downtown was built in 2004 and offers an exceptional amenity package including an outdoor pool, fitness center, club room, business center and dog run, to name a few.
Plaza Square also features a 95 Walk Score, benefiting from its transit-oriented location less than a half-mile from the New Jersey Transit New Brunswick Train Station.
The CBRE team, led by Jeffrey Dunne, Jeremy Neuer, Richard Gatto, Fahri Ozturk, Stuart MacKenzie and Eric Apfel, represented the seller, Manulife Investment Management, while also procuring the buyer.
“Plaza Square presented a unique opportunity for investors to purchase a Class A asset with scale in burgeoning New Brunswick (central business district), which has emerged from the pandemic stronger than ever,” Dunne commented. “New Brunswick’s central location in New Jersey and strong eds and meds presence, including Johnson & Johnson’s headquarters, Rutgers University and leading hospitals, should continue to drive renter demand, which bodes well for Renaissance Management’s investment.”