Jones Lang LaSalle (JLL) has been retained to arrange the sale of The Quincy, a highly amenitized, 393-unit luxury mid-rise community in the heart of New Brunswick. The property, located at 120 Neilson Street, presents a significant investment opportunity in a dynamic and thriving submarket.
Constructed in 2018, The Quincy stands as an eight-story building offering a mix of studio to two-bedroom floor plans, with an average unit size of 804 square feet. The property boasts a remarkable 93% occupancy as of June 27, reflecting its strong appeal to residents. Its extensive amenities, including a rooftop terrace with a pool, a dog park and pet spa, a fitness center, and a resident lounge, contribute to its status as a top-tier residential community.
The investment highlights for The Quincy are substantial, beginning with its transit-oriented location. The community is just a half-mile from the New Brunswick Train Station, offering a convenient commute to New York Penn Station in approximately 50 minutes. It is also strategically located near major employers and institutions, including Rutgers University, Robert Wood Johnson University Hospital, St. Peter’s University Hospital and Johnson & Johnson’s world headquarters. The future Health & Life Science Exchange (Helix) development, a neighboring 1.5 million-square-foot project, further underscores the area’s robust growth and long-term potential.
From a financial perspective, The Quincy is a stable, cash-flowing asset with a long-term PILOT agreement that has approximately 22 years remaining. The property offers significant rental upside, with the potential for increased revenue in about 22% of the current rent roll. The local market fundamentals are robust, with New Brunswick averaging a 5% vacancy rate and a 7.6% rent growth since 2022.
The JLL team responsible for the marketing and sale of the property includes a distinguished group of professionals. The marketing and sales efforts are led by Senior Managing Directors Jose Cruz, Steve Simonelli, and Mike Oliver, along with Directors Elizabeth DeVesty and Austin Pierce. For prospective buyers requiring consultation on financing, the JLL NJ debt group is available, with key team members including Managing Director Thomas E. Didio, Jr. and Director Gerard Quinn. The property will be delivered free and clear of any existing debt, providing flexibility for new ownership.
