When it launched preleasing in 2021, Canter Green was marketed as a wellness-themed community. Now, the 153 apartment complex with an eye toward healthy living has traded hands.
CBRE announced the sale of the Class A apartment community located at 124 Magie Ave. in Union Township Oct. 4.
A team led by Jeff Dunne, Stuart MacKenzie, Zach McHale and Travis Langer represented the seller, RMS Cos., and procured the buyer, global real estate investment manager Invesco Real Estate. Financial terms were not disclosed.
“Canter Green is an exceptional, high-quality asset with one of the best amenity packages that we’ve seen, especially for a smaller suburban apartment community,” Dunne said in a prepared statement. “The property leased up very quickly, demonstrating the resilient renter demand for Class A+ apartments in the Metro New York suburbs, which bodes well for Invesco Real Estate’s investment.”
CBRE said the property benefits from a 30-year PILOT agreement and that the property has averaged more than 16 leases per month during lease-up. The location is just a mile from the Garden State Parkway.
Canter Green is situated on more than 6 acres of “meticulously manicured ground” and offers a range of amenities, including indoor and outdoor tenant lounges, resort-style pool with cabanas, oversized fitness center and yoga studio, HD multisport simulator, dog run, coworking space and more. According to a statement from MacKenzie, features that will persist as a draw for residents.d