Plaza Square, a Class A apartment community situated in downtown New Brunswick, New Jersey, was recently sold for $173.45 million.
Built in 2004, the 415-unit community features a range of amenities, such as an outdoor pool, club room, and fitness center. The community is located less than half a mile from the NJ Transit New Brunswick Train Station and has a 95 Walk Score with easy access to the New Brunswick CBD.
The seller, Manulife Investment Management, was represented by CBRE. The CBRE team was led by Jeffrey Dunne, Jeremy Neuer, Richard Gatto, Fahri Ozturk, Stuart MacKenzie, and Eric Apfel. CBRE also procured the buyer, Renaissance Management.
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 and meds 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.”
