CBRE announced today the $173.45 million sale of Plaza Square, a 415-unit Class A apartment community located in downtown New Brunswick, NJ. The CBRE team, led by Jeffrey Dunne, Jeremy Neuer, Richard Gatto, Fahri Ozturk, Stuart MacKenzie and Eric Apfel, represented the seller, Manulife Investment Management, while also procuring the buyer, Renaissance Management.
Built in 2004, Plaza Square offers an exceptional amenity package includingan outdoor pool, fitness center, club room, business center, and dog run to name a few.Plaza Square features a 95 Walk Score benefiting from its transit-oriented location less thana half-mile from the NJ Transit New Brunswick Train Station proximate to the amenity-rich New Brunswick CBD. Plaza Square presents investors with the ideal light value-add opportunity to push rents through targeted upgrades to the common areas and apartment finishes.
CBRE’s Jeff Dunne commented, “Plaza Square presented a unique opportunity for investors to purchase a Class A asset with scale in burgeoning New Brunswick CBD, which has emerged from the pandemic stronger than ever. New Brunswick’s central location in New Jersey and strong eds andmeds presence including Johnson&Johnson’s headquarters, Rutgers University and leading hospitals should continue to drive renter demand, which bodes well for Renaissance Management’s investment.”
CBRE Institutional Properties is currently marketing for sale: Six Points at Bloomfield Station, a 176-unit apartment community in Bloomfield, NJ; 520Views, a 111-unit apartment community in Fairview, NJ; Canter Green, a 153-unit Class A apartment community in Union, NJ; and Indian Ridge, a 274-unit value-add apartment community in Binghamton, NY.
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 2021 revenue). The company has more than 105,000 employees (excluding Turner & Townsend 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.
