JLL Capital Markets has successfully facilitated the sale of Summit Court, a luxury apartment community in Union, NJ. The property was sold for $131.5 million and consists of 393 units. JLL represented the seller, a joint venture between Fidelco Realty Group and Diversified Properties.
The transaction was facilitated by Mark Cosenza, SVP of Inland Real Estate Acquisitions on behalf of the buyer – an affiliate of The Inland Real Estate Group Companies Inc. Cosenza received assistance from Michael A.Wilson and Gina R.LaMantia from Equis Law Group LLC.
Summit Court is a newly constructed property with buildings completed in 2018 and 2023 located at 450 Clermont Terr., offering one-bedroom (210 units), two-bedroom (183 units) and three-bedroom (1 unit) options to residents. Each unit boasts nine-foot ceilings, smart lock systems, stainless steel appliances as well as full-size washer/dryers.
According to Cosenza: “Summit Court offers residents an ideal living experience with its convenient location near major highways along with numerous shopping,dining,and entertainment options.” He also added that this acquisition aligns perfectly with their strategy to acquire high-end multifamily properties like Summit Court.
