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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.”
- ◦Sale/Acquisition