JLL Capital Markets closed the sale of an active adult community in Englishtown, New Jersey (near Trenton). Built in 2008, Royal Pines at Marlboro comprises 89 units and sold for a purchase price of $29.9 million, or $336,000 per unit. The community comprises one- and two-bedroom units averaging 859 square feet. Unlike most active adult communities, Royal Pines allows 20% of residents to be 35 and older with the other 80% fulfilling the 55+ requirement. Intergenerational living could become more popular over the years, helping the seniors housing industry attract another cohort of seniors looking for it.
The seller was a joint venture between vertically integrated real estate company GRJ and Castellan Real Estate Partners. The ultimate buyer was F.M. Ferrari Investments. Michael Oliver, Jose Cruz, J.B. Bruno, Steve Simonelli and Michael Zlotnick of JLL Capital Markets handled the transaction.
