Plaza Square at 1 Richmond St. in New Brunswick — Courtesy: CBRE
By Joshua Burd
A global asset manager has sold 415 luxury apartments in downtown New Brunswick for nearly $175 million, under a newly announced deal by CBRE.
Brokers with the firm represented the seller, Manulife Investment Management, in the trade of what’s known as Plaza Square at 1 Richmond St. They also procured the buyer, Renaissance Management, which paid $173.45 million for the complex just west of Route 18.
“Plaza Square presented a unique opportunity for investors to purchase a Class A asset with scale in burgeoning New Brunswick CBD, which has emerged from the pandemic stronger than ever,” CBRE’s Jeffrey Dunne said. “New Brunswick’s central location in New Jersey and strong eds and meds presence including Johnson & Johnson’s headquarters, Rutgers University and leading hospitals should continue to drive renter demand, which bodes well for Renaissance Management’s investment.”
Dunne brokered the transaction alongside CBRE’s Jeremy Neuer, Richard Gatto, Fahri Ozturk, Stuart MacKenzie and Eric Apfel. In announcing the deal, they noted that the 18-year-old property has amenities such as an outdoor pool, a fitness center, a club room and others, with a location blocks from New Brunswick’s downtown and train station.
CBRE also noted that Plaza Square offers a “light value-add opportunity to push rents through targeted upgrades to the common areas and apartment finishes.”
