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New York & Tri-State  + New Jersey  + Apartments  | 

Well-Located Monmouth County Multifamily Fetches $57M

JLL Capital Markets arranged the $57-million sale of The Forge at Glassworks, a 170-unit luxury market-rate community located in Aberdeen Township, Monmouth County, NJ. Senior managing directors Jose Cruz, Michael Oliver and Steve Simonelli and directors Elizabeth DeVesty and Austin Pierce represented the seller, Ingerman Group, in arranging the buyer, Beachwold Residential.

The Forge at Glassworks, located at 118 Glassworks Blvd., is a garden-style multifamily community featuring one- and two-bedroom apartments as well as three-bedroom townhome units. Located a mile from Exit 120 off the Garden State Parkway, it offers residents convenient access to major highways as well as NJ Transit’s Aberdeen-Matawan Station. Currently it’s 98.2% occupied.

“This strategic acquisition underscores the sustained investor enthusiasm in well-positioned multifamily assets within the New Jersey area,” said Cruz. “The Forge at Glassworks’ advantageous location, strong market fundamentals and premium offerings position it as a sought-after asset in today’s competitive market.”

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About Paul Bubny

Paul Bubny serves as Senior Content Director for Connect Commercial Real Estate, a role to which he brings 16-plus years’ experience covering the commercial real estate industry and 30-plus years in business-to-business journalism. In this capacity, he oversees daily operations while also reporting on both local/regional markets and national trends, covering individual transactions across all property types, as well as delving into broader subject matter. He produces 7-10 daily news stories per day and works with the Connect team and clients to develop longer-form content, ranging from Q&As to thought-leadership pieces. Prior to joining Connect, Paul was Managing Editor for both Real Estate Forum and GlobeSt.com at American Lawyer Media, where he oversaw operations at both publications while also producing daily news and feature-length articles. His tenure in B2B publishing stretches back into the print era, and he has served as Editor in Chief on four national trade publications. Since 1999, Paul has volunteered as the newsletter editor of passenger rail advocacy groups (one national, one local).

  • ◦Sale/Acquisition