CBRE announces $6M sale of 153 apartment development site in Union Township, NJ
Union Twp., NJ — CBRE has announced the $6 million sale of Liberty Place Development Site, a 6.4-acre multifamily development site that is fully approved for 153 apartment units. The CBRE team of Jeffrey Dunne, Gene Pride, Jeremy Neuer, Eric Apfel and Zach McHale, along with colleagues Nat Gambuzza and Trevor Fiebel, represented the owner, Sherwood Group Associates, while also procuring the buyer, RMS Companies, in their first New Jersey acquisition.
The site is located in a quiet residential neighborhood with access to regional transportation via the Garden State Pkwy. and NJ Transit Stations in Union and Roselle Park, major employment centers and nearby residential amenities of shopping, dining, entertainment and recreation.
“We are pleased to have represented Sherwood Group Associates in this sale,” said Dunne. “The suburban location is the right place for new residential development as demographic trends show increasing interest from renters in places like Union that offer convenient access to employers throughout the region, while also providing a high quality of life in a suburban setting.”