Summit Court, a newly-constructed, two-phase apartment community located at 450 Clermont Terrace in Union, changed hands for $131.5 million in a deal facilitated by JLL Capital Markets. Constructed in 2018 and 2023, Summit Court is made up of 351 market-rate units and 42 affordable apartments with a mix of one-, two- and three-bedroom homes.
JLL Capital Markets Investment and Sales Advisory team of Senior Managing Directors Jose Cruz, Mike Oliver and Steve Simonelli and Directors Elizabeth DeVesty and Austin Pierce, represented the seller, a joint venture between Diversified Properties and Fidelco Realty Group. Mark Cosenza, Senior Vice President of Inland Real Estate Acquisitions, LLC, handled the transaction on behalf of the buyer,
With a high occupancy rate of 93%, Summit Court is highly sought after. All units feature stainless steel appliances, quartz countertops, nine-foot ceilings, and private balconies. Additional amenities include a clubhouse, fitness center with Peloton bikes, outdoor pool, sundeck, courtyards, game room and electric charging stations. The community is close to major transportation routes including the Garden State Parkway, Route 9 and I-95, connecting residents to greater New Jersey and the Tri-State area. The surrounding area offers abundant retail, restaurant and entertainment options.
“Summit Court presented investors with an exceptional opportunity to acquire a newly constructed, Class A apartment community with demonstrated cash flow and long-term tax benefits in a prime New Jersey location,” JLL’s Cruz stated. “The property’s high-quality construction, attractive amenities, and proximity to transportation and employment centers made it a compelling investment in the competitive Northern New Jersey multifamily market.”
