Inland Acquires New Jersey Multifamily Property for $131.5 Million
Inland Real Estate Acquisitions LLC, the purchasing arm for various Inland-sponsored programs including Delaware statutory trusts, has negotiated and closed the purchase of Summit Court, a 393-unit luxury multifamily property in Union Township, N.J., a northern suburb located approximately 25 minutes from Manhattan.
Inland Acquisitions bought the asset for $131.5 million. JLL represented the seller, a joint venture between Fidelco Realty Group and Diversified Properties. Mark Cosenza, senior vice president of Inland Real Estate Acquisitions, facilitated the transaction on behalf of the buyer, an affiliate of The Inland Real Estate Group of Companies Inc.
Located at 450 Clermont Terrace, Summit Court is comprised of 210 one-bedroom and 183 two-bedroom units. Each unit features high ceilings, smart lock systems, stainless steel appliances, and a full size washer and dryer. Constructed in 2018 and 2023, the property has various amenities including a heated resort-style pool and deck, a state-of-the-art fitness center, firepits and lounge seating, a game room with billiards, a pet grooming room, BBQ grills and picnic area, indoor bike storage, and EV charging stations.
“Summit Court is an optimal living destination for residents,” said Cosenza. “With seamless access to major highways and a plethora of shopping, dining and entertainment options, this community’s desirable location in Union Township, combined with luxury resort-style finishes, make this the type of multifamily property we continue to seek for acquisition.”
Summit Court offers residents convenient access to prominent transportation routes, including the Garden State Parkway, Route 9 and Interstate 95, and is one mile from the New Jersey Transit Union Rail Station that stops at both Newark-Penn Station and NY Penn Station. The property is also ideally located near major employers including Newark Liberty International Airport, Seton Hall University, Kean University and Newark Beth Israel Medical Center.
At closing, Summit Court was 93% occupied.
Since inception, Inland Acquisitions has facilitated more than $55 billion of purchases across all asset types, with a more recent focus on student housing, multifamily, self storage, senior living, and manufactured housing communities.
Most recently, Inland Acquisitions negotiated the $101.2 million purchase of Wheaton 121, a 306-unit multifamily property in Wheaton, Ill. Shortly before the passing of The Inland Real Estate Group of Companies’ co-founder, director and vice chairman, Inland Acquisitions negotiated and closed the purchase of the Clarendale – a Class A senior living portfolio with three communities in Arizona, Missouri, and Tennessee. The communities, which total 635 independent living, assisted living and memory care units, were recently developed in a joint venture with Ryan Companies and Life Care Sciences.
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