CBRE announced today the sale of Canter Green, a 153-unit Class A apartment community located in Union Township, NJ. The CBRE team, led by Jeff Dunne, Stuart MacKenzie, Zach McHale and Travis Langer, represented the seller, RMS Companies, while also procuring the buyer, Invesco Real Estate, a global real estate investment manager.
Completed in 2021, Canter Green offers a best-in-class amenity package on over six acres of meticulously manicured grounds. Amenities include multiple indoor and outdoor tenant lounges, resort-style pool with cabanas, oversized fitness center with spin and yoga studio, HD multi-sport simulator, billiards and shuffleboard, dog run, and co-working areas, among others.
CBRE’s Jeff Dunne commented, “Canter Green is an exceptional, high-quality asset with one of the best amenity packages that we’ve seen, especially for a smaller suburban apartment community. The property leased up very quickly, demonstrating the resilient renter demand for Class A+ apartments in the Metro New York suburbs, which bodes well for Invesco Real Estate’s investment.”
Canter Green is situated in a mature, infill neighborhood only 40± minutes to Manhattan, and within 1 mile of the Garden State Parkway. The property benefits from a 30-year PILOT and has enjoyed robust leasing activity averaging over 16 leases per month during lease-up.
CBRE’s Stuart MacKenzie added, “We are pleased to have represented RMS in the sale of Canter Green. The community features luxury apartment finishes, as well as expansive indoor and outdoor amenities, which will continue to be a major draw for residents.”
CBRE Institutional Properties is currently marketing for sale: 15 Bank Apartments, a 501-unit apartment community in White Plains, NY; Rutherford Station Apartments, a 108-unit apartment community in East Rutherford, NJ; Lofts Two22, a 70-unit apartment community in Bayonne, NJ.