Landmark Companies has acquired The Grove at Piscataway, a recently built luxury multifamily community in Piscataway, NJ, in a transaction that also completed a 1031 exchange for the buyer. JLL Capital Markets represented Landmark in the $35.075 million purchase of the 110-unit property, which offers a mix of market-rate and affordable housing in a modern suburban setting.
The Grove at Piscataway is located at 67 Old New Brunswick Rd., just off Interstate 287, providing regional roadway connectivity for residents. The community totals 107,596 square feet across three residential buildings and a clubhouse and was delivered in 2020. At the time of the transaction, the property was reported to be 95% occupied, reflecting strong leasing performance for the three-year-old asset.
The unit mix at The Grove includes one-bedroom, two-bedroom, and two-bedroom plus den layouts, with apartments averaging 978 square feet. Of the 110 apartments, 88 are designated as market-rate units and 22 are affordable units, giving the community a blend of pricing options within a single property. The project is characterized as a luxury multifamily community, aligning its positioning with newer, higher-quality rental housing in the area.
JLL Capital Markets’ Investment Sales and Advisory team arranged the sale on behalf of Landmark Companies. The team was led by senior managing directors Mike Oliver, Jose Cruz, and Steve Simonelli, senior directors Elizabeth DeVesty and Ryan Robertson, and director Austin Pierce. Their mandate included representing Landmark in the acquisition of the property.
The transaction served as the upleg of a 1031 exchange for Landmark, which had sold legacy properties originally constructed in the 1970s prior to closing on The Grove at Piscataway. By moving proceeds into a newly constructed asset, Landmark executed a tax-deferred strategy while shifting its multifamily holdings toward newer product with current market fundamentals. Oliver noted that The Grove at Piscataway represented an opportunity to secure a newly built, luxury multifamily community in a prime location with strong underlying performance metrics.
The acquisition of The Grove at Piscataway underscores ongoing investor interest in stabilized, recently developed multifamily assets in established suburban locations. With high occupancy and a balanced mix of market-rate and affordable units, the property provides Landmark with immediate in-place cash flow, along with exposure to a relatively new construction vintage within the broader New Jersey multifamily landscape.
