JLL Capital Markets facilitates the sale of The Grove at Piscataway

Luxury 110-unit apartment community trades for $35.075M in New Jersey

MORRISTOWN, NJ — JLL Capital Markets has represented Landmark Companies in their $35.075 million acquisition of The Grove at Piscataway, a luxury 110-unit multifamily community located in Piscataway, New Jersey.

The Grove at Piscataway is strategically positioned at 67 Old New Brunswick Rd., just off I-287, providing unmatched regional connectivity to major thoroughfares including Rtes. 18, 28, 22 and 1, the Garden State Parkway and the NJ Tpke. The property offers convenient access to Manhattan in less than one hour via nearby train stations and is located just 10 minutes from Rutgers University.

The 107,596 s/f community was built in 2020 and is currently 95% occupied. The property features a diverse mix of one-, two- and two-bedroom plus den apartments averaging 978 s/f, with 88 market-rate and 22 affordable units across three residential buildings and a clubhouse.

The community offers condo-level finishes including nine-foot ceilings, luxury plank flooring, stainless steel appliances, white quartz countertops, custom modular closets and in-home washers and dryers. Resort-style amenities include an outdoor swimming pool with bar and BBQs, state-of-the-art fitness center, social lounge with billiards, co-working space and EV charging stations.

JLL Capital Market’s Investment Sales and Advisory 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.

“The Grove at Piscataway represented an exceptional opportunity to acquire a newly constructed, luxury multifamily asset in a prime location with strong fundamentals,” said Oliver. “The property’s high-end finishes, resort-style amenities and proximity to major employment centers and transportation hubs made it an attractive investment for Landmark Companies as they pivot their company in a new direction.”

This transaction completed a 1031 exchange for Landmark, in which they sold legacy properties constructed in the 1970’s, the majority of which their families built and executed two replacement acquisitions: The Grove at Piscataway and Hudson 5401 Apartments in Raleigh, North Carolina. “We are making an effort to position our company for future success by improving the product type we own and manage,” said Landmark’s principals Eric Harvitt and Michael Gottlieb. “By trading older properties for newer construction, we are modernizing our portfolio for the next generation of residents and reinforcing our commitment to holding high-quality assets for decades to come.”

In a separate transaction, JLL Capital Markets has arranged the sale of 1619 Walnut St., a premier mixed-use asset located in Philadelphia’s prestigious Rittenhouse Square neighborhood.

JLL represented the seller, Nuveen Real Estate. The buyer was MZP AG, a private investor based in Switzerland

JLL Capital Market’s Investment Sales and Advisory team was led by senior managing director Jim Galbally, Fran Coyne, Carl Fiebig, senior director JP Colussi and director Patrick Higgins.

The six-story mixed-use building totals 34,795 s/f and was originally constructed in 1937 with renovations completed in 2009.