UNION TOWNSHIP, NJ – Sherwood Group Assoc. has sold its6.4-acre, Liberty Place development site in Union Township, NJ toRMS Cos. The multifamily development site is fully approved for 153apartment units.

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The $6 million land acquisition represents buyer, RMS Cos.'first purchase within New Jersey.

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Situated in a residential neighborhood, the development site islocated in close proximity to Garden State Parkway and NJ TransitStations in Union and Roselle Park.

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"RMS Companies will do well with this development given theirmodern design with generous sized apartments, designer finishes andluxury amenities," stated CBRE's Gene Pride. "The timing for thisdevelopment is turning out to be opportune as renters are moreactively looking for high-quality apartments in less denselocations."

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Representing the ower was the CBRE team of Jeffrey Dunne, GenePride, Jeremy Neuer, Eric Apfel and Zach McHale, Nat Gambuzza andTrevor Fiebel. The team additionally procured the buyer for theacquisition.

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"We are pleased to have represented Sherwood Group Associates inthis sale," said Dunne. "The suburban location is the right placefor new residential development as demographic trends showincreasing interest from renters in places like Union that offerconvenient access to employers throughout the region, while alsoproviding a high quality of life in a suburban setting."

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Multifamily RenderingRendering of Liberty Place in Union Township, NJ.

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Ingrid Tunberg

Ingrid Tunberg sits on the editorial team as a coordinator and reporter for Real Estate Forum and GlobeSt.com. She is responsible for writing stories, assisting with industry awards and marketing nomination events. Previously, Ingrid worked as a copywriter across various industries throughout New York City and Chicago.