24 Jones in Newark — Courtesy: CBRE
By Tina Traster
The developer of a 152-unit luxury apartment complex in Newark’s University Heights neighborhood has sold the property for $36.5 million, according to brokers with CBRE.
The team of Jeffrey Dunne, Jeremy Neuer, Steve Bardsley, Stuart MacKenzie, Eric Apfel and Travis Langer represented the seller, Tucker Development, in the transaction at 24 Jones St. They also procured the buyer, RJ Block Properties.
Built in 2016, 24 Jones includes a fitness center, a resident lounge, an outdoor patio with grilling areas, covered secure access parking and a 24-hour concierge, according to a news release. The property was among the first new luxury apartment buildings to open in Newark during the current market cycle, coming as part of a $92 million mixed-use redevelopment by Tucker that also included a new ShopRite.
Known as Springfield Avenue Marketplace, the development sits just southeast of University Hospital and blocks from the New Jersey Institute of Technology, Essex County College and other schools.
“24 Jones is an exceptional multifamily asset in a growing area of Newark,” said Dunne, a vice chairman with CBRE. “The property benefits from its proximity to Rutgers University Hospital and Medical School, while also sitting adjacent to ShopRite and other retailers. This should continue to drive demand, which bodes well for RJ Block’s investment.”
Tina Traster is a freelance writer and the editor of Rockland County Business Journal. She is also a former business writer for Crain’s New York Business, real estate writer for the New York Post and staffer at the Bergen Record.
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