The Grove at Piscataway at 67 Old New Brunswick Road in Piscataway — Courtesy: JLL
By Joshua Burd
Landmark Cos. has taken a key step toward modernizing its portfolio with its recent acquisition of a 110-unit luxury apartment property in Piscataway, brokers with JLL announced.
According to a news release, the developer paid $35.075 million for what’s known as The Grove at Piscataway at 67 Old New Brunswick Road. That helped the firm complete a Section 1031 like-kind exchange after selling legacy properties constructed in the 1970s, the majority of which its families built, adding an upscale complex that opened in 2020 and is 95 percent leased.
JLL senior managing directors Mike Oliver, Jose Cruz and Steve Simonelli, senior directors Elizabeth DeVesty and Ryan Robertson and Director Austin Pierce represented Landmark, which also closed on a property in Raleigh, North Carolina, as a second replacement acquisition for the 1031 exchange. ICON Real Estate Advisors, led by managing partners David Oropeza and David Jarvis, represented the developer and seller as part of a deal they announced earlier this month.
“The Grove at Piscataway represented an exceptional opportunity to acquire a newly constructed, luxury multifamily asset in a prime location with strong fundamentals,” Oliver said. “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.”
Renters at The Grove are just off Interstate 287, giving them easy access to major thoroughfares including routes 18, 28, 22 and 1, the Garden State Parkway and the New Jersey Turnpike, the news release said. Manhattan is reachable by car and train in less than an hour, while the property is just 10 minutes from Rutgers University.
JLL added that the complex has a mix of one-, two- and two-bedroom floorplans averaging 978 square feet, with 88 market-rate and 22 affordable units across three residential buildings and a clubhouse. Amenities include an outdoor swimming pool with bar and grilling areas, a modern fitness center, a social lounge with billiards, coworking space and electric vehicle charging stations.
“We are making an effort to position our company for future success by improving the product type we own and manage,” Landmark principals Eric Harvitt and Michael Gottlieb said. “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.”
