Gaslight Commons at 28 West 3rd St. in South Orange — Courtesy: CBRE
By Joshua Burd
An investor has acquired a 200-unit luxury apartment complex in South Orange for more than $84 million, in a newly completed transaction by CBRE.
The buyer, Pacific Urban Residential LLC, is now planning a series of upgrades at what’s known as Gaslight Commons at 28 West 3rd St., according to CBRE. The firm noted that the 19-year-old property already boasts a series of amenities, high-end apartments and a location alongside NJ Transit’s South Orange train station.
CBRE’s Jeff Dunne, Gene Pride, Jeremy Neuer, Steve Bardsley, David Gavin and Travis Langer represented the seller and procured the buyer in the $84.2 million deal.
“Gaslight Commons has a fantastic location adjacent to the train station in the highly desirable town of South Orange,” Dunne said. “There are many high-quality restaurants and entertainment venues in the walkable downtown along with numerous parks and recreational outlets that are ideal in the current environment. Schools in South Orange are also highly rated which is attracting young families that are moving to the suburbs.”
Existing amenities at Gaslight Commons include a resident clubroom, an outdoor pool, a business center, a fitness center and covered parking, CBRE said.
“Pacific Urban will continue to focus on making Gaslight Commons a premier community by making enhancements to the unit finishes, common areas and outdoor space,” Pride said.
