UNION, N.J. — An affiliate of The Inland Real Estate Group of Cos. Inc. has acquired Summit Court, a 393-unit property located at 450 Clermont Terrace in Union, approximately 20 miles southwest of New York City. A joint venture between Fidelco Realty Group and Diversified Properties sold the community for $131.5 million.
Built in 2018 and 2023, Summit Court offers a mix of 351 market-rate apartments and 42 affordable housing units. However, income restrictions for the affordable residences were not disclosed. Apartments come in one-, two- and three-bedroom floor plans. The property was 93 occupied at the time of the sale.
Residents have access to amenities such as an outdoor pool and sundeck, clubhouse with catering kitchen, fitness center, courtyards with barbeque grills and dining areas, game room with billiards and electric charging stations.
Mark Cosenza of Inland Real Estate Acquisitions LLC facilitated the transaction on the behalf of the buyer. Jose Cruz, Mike Oliver, Steve Simonelli, Elizabeth DeVesty and Austin Pierce led the JLL Capital Markets investment sales and advisory team that represented the seller.