The Inland Real Estate Group Acquires Summit Court Multifamily In Union For $131.5M

The sale involved a multifamily asset located at 450 Clermont Terrace in Union, NJ. The property features 393 units and was 93% occupied at the time of the transaction. The Inland Real Estate Group of Companies, Inc acquired the asset for $131.5 million, reflecting a price per unit of $334,606.

Summary of transaction details:

• Property Type: Multifamily
• Transaction Amount: $131,500,000
• Buyer: Keith Lampi - The Inland Real Estate Group of Companies, Inc
• Seller: Fidelco Realty Group; Nicholas Minoia - Diversified Properties
• Buyer's Representative: Mark Cosenza - Inland Real Estate Acquisitions LLC
• Seller's Representatives: Austin Pierce, Elizabeth DeVesty, Jose Cruz, Michael Oliver & Steve Simonelli - JLL
• Units: 393
• Price Per Unit: $334,606

This transaction was arranged by JLL Capital Markets, and the property includes amenities such as high-end finishes, an outdoor pool, fitness center, and clubhouse, along with its proximity to major highways and employment hubs.