Pacific Urban acquires luxury NJ community for $84M

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CBRE announced the sale of Gaslight Commons, a 200-home luxury apartment community located in South Orange, New Jersey.

 The CBRE team of Jeffrey Dunne, Gene Pride, Jeremy Neuer, Steve Bardsley, David Gavin and Travis Langer represented the owner, while also procuring the buyer, Pacific Urban Residential LLC. The sale price was $84,2 million.

CBRE’s
Jeff Dunne said, “Gaslight Commons has a fantastic location adjacent to the
train station in the highly desirable town of South Orange. There are many high-quality
restaurants and entertainment venues in the walkable downtown along with
numerous parks and recreational outlets that are ideal in the current
environment. Schools in South Orange are also highly rated which is attracting
young families that are moving to the suburbs.”

“Pacific
Urban will continue to focus on making Gaslight Commons a premier community by
making enhancements to the unit finishes, common areas and outdoor space,” added
CBRE’s Gene Pride.

Built in 2002, the highly amenitized community features a resident clubroom, outdoor pool, business center, fitness center and covered parking.

The apartments have designer finishes with granite countertops, stainless steel appliances, vinyl plank flooring, tile backsplash, balconies and walk-in closets. Gaslight Commons is located adjacent to NJ Transit Train Station, providing access to Penn Station in 30 minutes.

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