Summit Court at 450 Clermont Terrace in Union — Courtesy: JLL
By Joshua Burd
Fidelco Realty Group and Diversified Properties have sold a newly developed, 393-unit luxury apartment complex in Union Township for nearly $132 million, in a deal arranged by JLL.
The brokerage team represented the sellers in the transaction at 450 Clermont Terrace, the site of what’s known as Summit Court after a two-phase project completed in 2023. An affiliate of the Inland Real Estate Group of Companies Inc. purchased the property, JLL said, touting the appeal of nearby transportation routes such as the Garden State Parkway, employment hubs and diverse shopping opportunities.
JLL senior managing directors Jose Cruz, Mike Oliver and Steve Simonelli and directors Elizabeth DeVesty and Austin Pierce represented the joint venture of Fidelco and Diversified in the $131.5 million sale. Mark Cosenza, senior vice president of Inland Real Estate Acquisitions LLC, facilitated the transaction on the buyer’s behalf.
“Summit Court presented investors with an exceptional opportunity to acquire a newly constructed, Class A apartment community with demonstrated cash flow and long-term tax benefits in a prime New Jersey location,” Cruz said. “The property’s high-quality construction, attractive amenities and proximity to transportation and employment centers made it a compelling investment in the competitive northern New Jersey multifamily market.”
Built in 2018 and 2023, Summit Court comprises 351 market-rate apartments and 42 affordable units, with a mix of one-, two- and three-bedroom floorplans, according to a news release. The property is 93 percent occupied and provides renters with upscale homes and amenities such as an outdoor pool and sundeck, a clubhouse with a catering kitchen, a fitness center and courtyards with grilling and dining areas, among others.
Residents, meantime, have easy access to Newark Liberty International Airport, Kean University, Seton Hall University and Newark Beth Israel Medical Center, JLL said. They’re also roughly 20 miles from Manhattan and part of a township whose average household income is $136,129.
Diversified, Fidelco unveil second phase of 396-unit rental project in Union Twp.
