CBRE announced the multi-million dollar sale of an apartment community in South Orange. Gaslight Commons, comprised of 200 luxury homes, was acquired for $84.2 million.
The CBRE team of Jeffrey Dunne, Gene Pride, Jeremy Neuer, Steve Bardsley, David Gavin, and Travis Langer represented the owner, while also procuring the buyer, Pacific Urban Residential LLC.
“Gaslight Commons has a fantastic location adjacent to the train station in the highly desirable town of South Orange,” CBRE’s Jeff Dunne said. “There are many high-quality restaurants and entertainment venues in the walkable downtown along with numerous parks and recreational outlets that are ideal in the current environment. Schools in South Orange are also highly rated which is attracting young families that are moving to the suburbs.”
Gaslight Commons was built in 2002 and offers luxury apartments for rent, as well as luxury amenities including a resident clubroom, outdoor pool, business center, fitness center, and covered parking. Homes feature designer finishes with granite countertops, stainless steel appliances, vinyl plank flooring, a tile backsplash, balconies, and walk-in closets, and the community is located adjacent to an NJ Transit train station, providing access to New York Penn Station in 30 minutes.
“Pacific Urban will continue to focus on making Gaslight Commons a premier community by making enhancements to the unit finishes, common areas, and outdoor space,” added CBRE’s Gene Pride.