NEW BRUNSWICK, NJ-Jeffrey Dunne, Kevin Welsh and Christopher Leonard of CB Richard Ellis’ New York Institutional Group represented MRA Plaza Apartments I Urban Renewal LLC, an entity controlled by Prudential Real Estate Investors; Roseland Property Co.; Applied Development Co.; and Matrix Development Group in the sale of the Highlands at Plaza Square here for $112.5 million. The team was also responsible for procuring the buyer, Highlands Urban Renewal LLC, an entity controlled by Manulife Financial Corp. through its US subsidiary John Hancock Life Insurance Co.
Developed in 2004, the Highlands at Plaza Square is a 415-unit, class A mid-rise apartment community located in Downtown New Brunswick along Route 18. “The Highlands is another example of the development partnership success exhibited by PREI Roseland, Applied and Matrix,” says Dunne. “Manulife is poised to benefit from the ongoing transformation of Downtown New Brunswick into a 24/7 location with burgeoning tenant appeal. This is a strong first entry into New Jersey’s class A apartment market.”
The sale of the Highlands tops off a strong year in the sale of apartments for the CBRE New York Institutional Group, which sold over $510 million in apartments in 2010, including the following notable transactions: Avalon on the Sound in New Rochelle, NY ($107.5 million), Bank Street Commons in White Plains, NY ($155 million) and Newbury Common in Stamford, CT ($62 million).
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