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With 393 units, luxury apartment community Summit Court in Union recently sold for $131.5 million.

JLL Capital Markets announced the transaction Feb. 19. The firm represented the seller, a joint venture of Millburn-based Fidelco Realty Group and Diversified Properties of Montville. Mark Cosenza, senior vice president of Inland Real Estate Acquisitions LLC facilitated the deal on behalf of the buyer, an affiliate of The Inland Real Estate Group of Cos. Inc., JLL said.

Located at 450 Clermont Terrace, the attractive complex offers access to major transportation arteries, as well as area amenities. Built in 2018 and 2023, the two-phase project features 351 market-rate apartments as well as 42 affordable units. According to JLL, it boasts a 93% occupancy rate, according to JLL.

Senior Managing Directors Jose Cruz, Mike Oliver and Steve Simonelli as well as Directors Elizabeth DeVesty and Austin Pierce led the JLL Capital Market’s Investment and Sales Advisory team representing the seller.

“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,” Cruz said. “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.”

Located within Union County, Union Township boasts a population with 68% white-collar workers and an average household income of more than $136,000, JLL said. It is home to the state’s first and only urban research institution, Kean University, which boasts more than 16,000 undergraduate and graduate students.

According to the municipality’s website, several new businesses opened in the town in 2024, with more expected to launch in early 2025, which “will add to Union’s fast-growing business district.”

Resident life

Summit Court features a mix of one-, two- and three-bedroom units. Apartments include:

• 9-foot ceilings
• Smart lock entry
• Stainless steel appliances
• Kitchens with quartz countertops and full-height backsplashes
• Private balconies in all units

Residents also enjoy amenities such as an outdoor pool and sundeck, clubhouse with catering kitchen, fitness center with Peloton bikes, courtyards with BBQs and dining areas, game room with billiards, and electric charging stations.

“Summit Court is an optimal living destination for residents,” Cosenza said in a Feb. 19 release from Inland Acquisitions. “With seamless access to major highways and a plethora of shopping, dining and entertainment options, this community’s desirable location in Union Township, combined with luxury resort-style finishes, make this the type of multifamily property we continue to seek for acquisition.”