26A — March 2025 — Owners, Developers & Managers — M id A tlantic Real Estate Journal
www.marej.com
O wners , D evelopers & M anagers
NION, NJ — JLL Capital Mar- kets announced that Inland Real Estate Acquisitions, LLC facilitates the transaction on behalf of the buyer JLL brokers $131.5M Summit Court sale for Fidelco Realty & Diversified Properties U
Summit Court, located at 450 Clermont Terrace, offers residents convenient access to major transpor- tation routes and urban amenities. The property is situated within close prox- imity to the Garden State Parkway, Rte-9 and I-95, providing seamless connec- tivity throughout New Jer- sey and the greater Tri-State area. Residents benefit from nearby employment hubs such as Newark Liberty In- ternational Airport, Seton Hall University and Newark Beth Israel Medical Center, as well as diverse shopping opportunities. Union Township is in Union County, New Jersey, 20 miles southwest of NYC. With a 2023 population of 57,427 residents, the town boasts a diverse community with 68% of its residents be- ing white-collar employees and an average household income of $136,129. Union Township is known being home to Kean University, a comprehensive global insti- tution of higher education with over 16,000 undergrad- uate and graduate students. Summit Court is a newly constructed, two-phase lux- ury apartment community. Built in 2018 and 2023, the community comprises of 351 market-rate apartments and 42 affordable units, with a mix of one-, two- and three- bedroom floor plans. The community boasts a high occupancy rate of 93% and offers residents upscale unit features such as nine-foot ceilings, smart lock entry, stainless steel appliances, kitchens with quartz coun - tertops and full-height back- splashes and private bal- conies in all units. Summit Court’s extensive amenity package includes an outdoor pool and sundeck, clubhouse with catering kitchen, fitness center with Peloton bikes, courtyards with BBQs and dining areas, game room with billiards and electric charging stations. JLL Capital Market’s In- vestment and Sales Advisory team representing the seller was led by senior manag- ing directors Jose Cruz, Mike Oliver and Steve Simonelli and directors Elizabeth DeVesty and Austin Pierce . MAREJ
it has arranged the $131.5 million sale of Summit Court, a 393-unit luxury apartment community located in Union. JLL represented the seller, a joint venture between Fi- delco Realty Group and Diversified Properties . Mark Cosenza , senior vice president of Inland Real Estate Acquisitions, LLC , facilitated the transaction on behalf of the buyer, an affiliate of The Inland Real Estate Group of Companies, Inc.
Summit Court
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