Landmark Completes 1031 Exchange with Luxury NJ Apartment Deal
JLL Capital Markets represented Landmark Companies in its $35.075-million acquisition of The Grove at Piscataway, a luxury 110-unit multifamily community located in Piscataway, NJ. JLL Capital Markets’ Investment Sales and Advisory team was led by senior managing directors Mike Oliver, Jose Cruz and Steve Simonelli, senior directors Elizabeth DeVesty and Ryan Robertson and director Austin Pierce.
Located at 67 Old New Brunswick Rd., just off Interstate 287, the 107,596-square-foot community was built in 2020 and is currently 95% occupied. The property features a diverse mix of one-, two- and two-bedroom plus den apartments averaging 978 square feet, with 88 market-rate and 22 affordable units across three residential buildings and a clubhouse.
The acquisition completed a 1031 exchange for Landmark, in which its sold legacy properties constructed in the 1970s. “The Grove at Piscataway represented an exceptional opportunity to acquire a newly constructed, luxury multifamily asset in a prime location with strong fundamentals,” said Oliver.
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Remax Real Estate Professionals
Re/Max Real Estate Professionals
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Jared Ennis
Central CA Commercial | California
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Rick Recckio
Recckio Real Estate & Development
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Greg Corbin
Northgate Real Estate Group
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Essex Property Trust, Inc.
California
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Josh A
California
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Bob Tuteur
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Andrew Schildcrout