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 Parkway 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 CBRE’s Jeff 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.”
“RMS Companies will do well with this development given their modern design with generous sized apartments, designer finishes and luxury amenities,” added Pride. “The timing for this development is turning out to be opportune as renters are more actively looking for high quality apartments in less dense locations.”
CBRE Institutional Properties is currently marketing for sale The Light House, a 50-home community in Port Chester, N.Y.; 24 Jones, a 152-home community in Newark, N.J.; and Newfield Development Site, a 414-home development site in Middletown, Conn.
About CBRE Group, Inc.
CBRE Group, Inc. (NYSE:CBRE), a Fortune 500 and S&P 500 company headquartered in Los Angeles, is the world’s largest commercial real estate services and investment firm (based on 2019 revenue). The company has more than 100,000 employees (excluding affiliates) and serves real estate investors and occupiers through more than 530 offices (excluding affiliates) worldwide. CBRE offers a broad range of integrated services, including facilities, transaction and project management; property management; investment management; appraisal and valuation; property leasing; strategic consulting; property sales; mortgage services and development services. Please visit our website at www.cbre.com.
