A joint venture between Fidelco Realty Group and Diversified Properties sold Summit Court, a 393-unit luxury apartment community located in Union, for $131.5 million, according to a Wednesday announcement from JLL Capital Markets.
JLL represented the sellers. Mark Cosenza, senior vice president of Inland Real Estate Acquisitions LLC, facilitated the transaction on behalf of the buyer, an affiliate of The Inland Real Estate Group of Companies Inc.
The newly constructed, two-phase luxury apartment community. Built in 2018 and 2023, the community comprises of 351 market-rate apartments and 42 affordable units, with a mix of one-, two- and three-bedroom floor plans.
The community boasts a high occupancy rate of 93% and offers residents upscale unit features such as nine-foot ceilings, smart lock entry, stainless steel appliances, kitchens with quartz countertops and full-height backsplashes and private balconies in all units.
Summit Court’s extensive amenity package includes an outdoor pool and sundeck, clubhouse with catering kitchen, fitness center with Peloton bikes, courtyards with BBQs and dining areas, game room with billiards and electric charging stations.
Located at 450 Clermont Terrace, the community offers residents easy access to major transportation routes and amenities. The property is situated within close proximity to the Garden State Parkway, Rte-9 and I-95, providing seamless connectivity throughout New Jersey and the greater Tri-State area. Residents benefit from nearby employment hubs such as Newark Liberty International Airport, Seton Hall University and Newark Beth Israel Medical Center, as well as diverse shopping opportunities.
JLL Capital Market’s Investment and Sales Advisory team representing the seller was led by Senior Managing Directors Jose Cruz, Mike Oliver and Steve Simonelli and Directors Elizabeth DeVesty and Austin Pierce.
“Summit Court presented investors with an exceptional opportunity to acquire a newly constructed, Class A apartment community with demonstrated cash flow and long-term tax benefits in a prime New Jersey location,” Cruz said. “The property’s high-quality construction, attractive amenities, and proximity to transportation and employment centers made it a compelling investment in the competitive Northern New Jersey multifamily market.”
