24 Jones, a 152-unit Class A apartment community in Newark, was recently sold for $36.5 million.
Located in the University Heights neighborhood of Newark, 24 Jones was built in 2016 and features studios, one-bedroom, and two-bedroom apartments. Its amenities include a fitness center, resident lounge, outdoor patio with grilling areas, covered secure access parking, and a 24-hour concierge.
CBRE Group Inc. handled the transaction, with Jeffrey Dunne, Jeremy Neuer, Steve Bardsley, Stuart MacKenzie, Eric Apfel and Travis Langer representing the seller, Tucker Development. The CBRE team also procured the buyer, RJ Block Properties.
CBRE’s Jeffrey 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 ShopRite and other retailers. This should continue to drive demand which bodes well for RJ Block’s investment.”
CBRE Group, Inc. is a commercial real estate services and investment firm headquartered in Dallas.