New Brunswick apartment community sells for $173.45M, CBRE says

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Plaza Square is a 415-unit apartment complex situated in downtown New Brunswick that was built in 2004. And on March 9, CBRE announced the sale of the Class A community for $173.45 million.

A CBRE team led by Jeffrey Dunne, Jeremy Neuer, Richard Gatto, Fahri Ozturk, Stuart MacKenzie and Eric Apfel represented the seller, Manulife Investment Management, and procured the buyer, Renaissance Management.

“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,” Dunne said in a statement. “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.”

According to CBRE, the property offers investors a light value-add opportunity to push rents with targeted upgrades to common areas and finishes in apartments.

In addition to its prime location, which is a half-mile from the New Brunswick Train Station, the community offer amenities including an outdoor pool, fitness center, club room, business center and dog run.

Back in 2011, the building changed hands for $112.5 million.