CBRE announced today the $36.5 million sale of 24 Jones, a 152-unit Class A apartment community located in the University Heights neighborhood of Newark, NJ. The CBRE team of Jeffrey Dunne, Jeremy Neuer, Steve Bardsley, Stuart MacKenzie, Eric Apfel and Travis Langer represented the seller, Tucker Development, while also procuring the buyer, RJ Block Properties.
Built in 2016, 24 Jones offers an attractive amenity package including a fitness center, resident lounge, outdoor patio with grilling areas, covered secure access parking, and a 24-hour concierge.The property’s modern apartment finishes include vinyl plank flooring, granite counter tops and stainless-steel appliances.
CBRE’s Jeff Dunne commented, “24 Jones is an exceptional multifamily asset in a growing area of Newark. The property benefits from its proximity to Rutgers University Hospital and Medical School, while also sitting adjacent to Shop Rite and other retailers. This should continue to drive demand which bodes well for RJ Block’s investment.”
CBRE Institutional Properties is currently marketing for sale: 75 Tresser, a 344-unit apartment community in downtown Stamford, CT; Deer field Place, a 156-unit apartment community in Utica, NY; Plaza Square, a 415-unit apartment community in New Brunswick, NJ; and Lofts Two 22, a 70-unit apartment community in Bayonne, NJ.
About CBRE Group, Inc.
CBRE Group, Inc. (NYSE: CBRE), a Fortune 500 and S&P 500 company headquartered in Dallas, is the world’s largest commercial real estate services and investment firm (based on 2020 revenue). The company has more than 100,000 employees serving clients in more than 100 countries. CBRE serves a diverse range of clients with an integrated suite of services, including facilities, transaction and project management; property management; investment management; appraisal and valuation; property leasing; strategic consulting; property sales; mortgage services and development services. Please visit our website at www.cbre.com
