Canter Green at 1255 Magie Ave. in Union Township — Courtesy: CBRE
By Joshua Burd
Development firm RMS Cos. has sold a 153-unit luxury apartment building in Union Township, its first completed project in New Jersey, in a deal arranged by CBRE.
The brokerage team said Invesco Real Estate, the global real estate investment manager, paid an undisclosed price for what’s known as Canter Green at 1255 Magie Ave. The trade comes a year after Stamford, Connecticut-based RMS delivered the project, successfully repurposing the former site of a long-vacant salt factory near the Roselle Park border, and just months after it completed its lease-up of the new rental property.
CBRE’s Jeff Dunne, Stuart MacKenzie, Zach McHale and Travis Langer represented the seller and procured the buyer.
“Canter Green is an exceptional, high-quality asset with one of the best amenity packages that we’ve seen, especially for a smaller suburban apartment community,” said Dunne, a vice chairman with CBRE. “The property leased up very quickly, demonstrating the resilient renter demand for Class A+ apartments in the metro New York suburbs, which bodes well for Invesco Real Estate’s investment.”
Amenities at Canter Green include multiple indoor and outdoor tenant lounges, a resort-style pool with cabanas, a fitness center with a spin and yoga studio, an HD multisport simulator, billiards and shuffleboard, a dog run and co-working areas, among others. Residents are 40 minutes from Manhattan and within a mile of the Garden State Parkway.
“We are pleased to have represented RMS in the sale of Canter Green,” MacKenzie said. “The community features luxury apartment finishes, as well as expansive indoor and outdoor amenities, which will continue to be a major draw for residents.”
RMS touts lease-up of new Union Twp. apartments, eyes next New Jersey project
