RMS Cos. Acquires Approved 153-Unit Development Site
The 6.4-acre multifamily development site in Union Township, NJ was acquired from Sherwood Group Assoc. for $6 million.
UNION TOWNSHIP, NJ – Sherwood Group Assoc. has sold its 6.4-acre, Liberty Place development site in Union Township, NJ to RMS Cos. The multifamily development site is fully approved for 153 apartment units.
The $6 million land acquisition represents buyer, RMS Cos.’ first purchase within New Jersey.
Situated in a residential neighborhood, the development site is located in close proximity to Garden State Parkway and NJ Transit Stations in Union and Roselle Park.
“RMS Companies will do well with this development given their modern design with generous sized apartments, designer finishes and luxury amenities,” stated CBRE’s Gene Pride. “The timing for this development is turning out to be opportune as renters are more actively looking for high-quality apartments in less dense locations.”
Representing the ower was the CBRE team of Jeffrey Dunne, Gene Pride, Jeremy Neuer, Eric Apfel and Zach McHale, Nat Gambuzza and Trevor Fiebel. The team additionally procured the buyer for the acquisition.
“We are pleased to have represented Sherwood Group Associates in this sale,” said Dunne. “The suburban location is the right place for new residential development as demographic trends show increasing interest from renters in places like Union that offer convenient access to employers throughout the region, while also providing a high quality of life in a suburban setting.”
