Summit Court is a newly constructed, two-phase luxury apartment community, built in 2018 and 2023. The community offers 351 market-rate apartments and 42 affordable units, with a mix of one-, two- and three-bedroom floor plans. The property boasts a high occupancy rate of 93%. JLL represented the seller, a joint venture between Fidelco Realty Group and Diversified Properties.
Property: Summit Court in Union Township, N.J.
Price: $131.5M
Sellers: Fidelco Realty Group and Diversified Properties
Buyer: An affiliate of The Inland Real Estate Group of Companies
The property provides residents with convenient access to major transportation routes and urban amenities. Summit Court is situated within close proximity to the Garden State Parkway, Route 9 and Interstate 95, providing seamless connectivity throughout New Jersey and the greater Tri-State area. Residents benefit from nearby employment hubs such as Newark Liberty International Airport, Seton Hall University and Newark Beth Israel Medical Center, as well as diverse shopping opportunities.
Summit Court is located in Union County approximately 20 miles southwest of New York City. With a 2023 population of 57,427 residents, the town boasts a diverse community with 68% of its residents being white-collar employees and an average household income of $136,129. Union Township is the home of Kean University, a comprehensive global institution of higher education with over 16,000 undergraduate and graduate students.
The community offers residents upscale unit features such as nine-foot ceilings, smart lock entry, stainless steel appliances, kitchens with quartz countertops and full-height backsplashes and private balconies in all units. The amenity package includes an outdoor pool and sundeck, a clubhouse with a catering kitchen, a fitness center with Peloton bikes, courtyards with BBQs and dining areas and a game room with billiards and electric charging stations.
“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,” said JLL Senior Managing Director Jose Cruz. “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.”
