The Springfield-based firm recently received unanimous preliminary and final site plan approval for the five-story project.

The New York-based buyer, who was represented by Grid Real Estate, first entered the city with its purchase of BeLa in 2020.

CBRE announced the sale for 24 Jones, which offers 152 units in the city's University Heights neighborhood.

Investment specialist Julienne Pape the firm's New Jersey office had the exclusive listing to market the property on behalf of the seller and also secured and represented the buyer.

Three of the properties are within walking distance of each other and less than a mile from a PATH station and NJ Transit's Newark-Broad Street station.

The North Jersey property offers a series of risk-balanced, value-added investing opportunities with its superior location in the Meadowlands region.

The Woodbridge-based real estate agency facilitated the multi-state transaction for its longtime client, helping bring value-added properties to its portfolio.

The milestone celebration coincides with the frame-out of the first building of  the multifamily-and-retail redevelopment  coming to the city's former Art Color industrial facility.

The 120-unit multifamily property is a legacy site that was purchased from the original developer in 1950 and owned by the same family for three generations, spanning 70 years.

Gebroe-Hammer Associates orchestrated the transaction for 480 Flatz, a newly constructed, fully leased class-A property.

The asset offered a rare value-add multifamily opportunity, which is hard to come by in the northern New Jersey market.

Opening this fall, the property will include a full-size indoor basketball court and café in addition to studio, one-bedroom, two-bedroom and three-bedroom layouts.