As part of a 1031 exchange, Landmark Companies acquired luxury community The Grove at Piscataway for $35.075 million. The 110-unit multifamily property is located at 67 Old New Brunswick Road in Piscataway near Interstate 287. The 3-building complex features 22 affordable units.
Landmark turned to JLL Capital Markets Investment Sales and Advisory to facilitate the Piscataway purchase. The team was headed up by Senior Managing Directors Mike Oliver, Jose Cruz, and Steve Simonelli, Senior Directors Elizabeth DeVesty and Ryan Robertson, and Director Austin Pierce.
“The Grove at Piscataway represented an exceptional opportunity to acquire a newly constructed, luxury multifamily asset in a prime location with strong fundamentals,” commented JLL’s Oliver. “The property’s high-end finishes, resort-style amenities, and proximity to major employment centers and transportation hubs made it an attractive investment for Landmark Companies as they pivot their company in a new direction.”
Built in 2020, The Grove is 95% occupied and totals 107,596 square feet across three buildings plus a clubhouse. The mix of one-, two-, and two-bedroom plus den apartments averages 928 square feet per unit. The homes include high ceilings, plank flooring, modular closets, in-unit washers and dryers, and stainless steel appliances. Residents enjoy a modern fitness center, outdoor pool with BBQs, co-working spaces, EV charging and a billiard lounge.
As part of an effort to future-proof the company, Landmark sold some legacy 1970s properties and acquired two newer properties, including The Grove. These two transactions were structured as part of a 1031 exchange.
“We are making an effort to position our company for future success by improving the product type we own and manage,” noted Landmark’s principals, Eric Harvitt and Michael Gottlieb. “By trading older properties for newer construction, we are modernizing our portfolio for the next generation of residents and reinforcing our commitment to holding high-quality assets for decades to come.”
