The Forge at Glassworks, a 170-unit luxury market-rate community located in Aberdeen was sold for $57 million, according to an announcement from JLL.
JLL represented the seller, Ingerman Group, in arranging the buyer, Beachwold Residential.
Located at 118 Glassworks Blvd., The Forge at Glassworks, offers residents convenient access to major regional employment hubs and amenities. Positioned just one mile from Exit 120 of the Garden State Parkway and within close proximity to the NJ Transit’s Aberdeen-Matawan Station, the community provides direct transit connections to Manhattan and New Jersey coastline destinations.
Built in 2017, the garden-style, market-rate multi-housing community featuring spacious one- and two-bedroom apartments as well as three-bedroom townhome units. The average unit size is 1,077 square feet. Each unit is outfitted with premium finishes, including Carrera quartz countertops, stainless steel appliances, in-unit washer and dryer sets and private balconies or patios. Community amenities include a resident lobby and clubroom, a pool, a fitness center with yoga studios and a sauna, a game room and multiple outdoor spaces, such as a terrace with a fire pit, park and walking trails.
JLL Capital Market’s Investment and Sales Advisory team representing the seller was led by Senior Managing Directors Jose Cruz, Michael Oliver and Steve Simonelli and Directors Elizabeth DeVesty and Austin Pierce.
“This strategic acquisition underscores the sustained investor enthusiasm in well-positioned multifamily assets within the New Jersey area,” Cruz said. “The Forge at Glassworks’ advantageous location, strong market fundamentals and premium offerings position it as a sought-after asset in today’s competitive market.”
Aberdeen Township, located in Eastern Monmouth County, has a population of approximately 20,000, with an average household income of $142,987. Notably, 74% of residents are white-collar professionals. Monmouth County, home to over 646,000, is recognized for its scenic coastline, strong commercial presence and highly educated population, with 51% of residents holding a bachelor’s degree or higher.
