The Forge at Glassworks at 118 Glassworks Blvd. in Aberdeen — Courtesy: JLL
By Joshua Burd
Ingerman Group has sold a seven-year-old, 170-unit apartment and townhome property in Aberdeen for $57 million, brokers with JLL announced Monday.
In a news release, the listing team said the development at 118 Glassworks Blvd. drew interest thanks to its proximity to the Garden State Parkway and NJ Transit’s Aberdeen-Matawan Station. It also benefits from a location in an affluent and well-educated section of Monmouth County, where residents have easy access to major regional employment hubs and amenities.
JLL senior managing directors Jose Cruz, Michael Oliver and Steve Simonelli and directors Elizabeth DeVesty and Austin Pierce represented Ingerman in the sale to Beachwold Residential.
“This strategic acquisition underscores the sustained investor enthusiasm in well-positioned multifamily assets within the New Jersey area,” Cruz said. “The Forge at Glassworks’ advantageous location, strong market fundamentals and premium offerings position it as a sought-after asset in today’s competitive market.”
Currently 98.2 percent occupied, The Forge at Glassworks is a garden-style, market-rate property with one- and two-bedroom apartments as well as three-bedroom townhome units. Amenities include a resident lobby and clubroom, a pool, a fitness center with yoga studios and a sauna, a game room and multiple outdoor spaces such as a terrace with a fire pit, a park and walking trails.