JLL Brokers $29.9M Sale of Royal Pines at Marlboro Active Adult Community in Englishtown, New Jersey

ENGLISHTOWN, N.J. — JLL Capital Markets has arranged the $29.9 million sale of Royal Pines at Marlboro, an 89-unit active adult community in Englishtown, approximately 20 miles south of New York City.

JLL represented the seller, a joint venture between GRJ and Castellan Real Estate Partners, in the sale to F.M. Ferrari Investments.

Royal Pines at Marlboro comprises one- and two-bedroom units averaging 859 square feet. Although the property is restricted to residents age 55 and above, 20 percent of residents can be age 35 and older.

The property was built in 2008 and is currently undergoing renovations to all units.

The community features convenient access to retail centers, including Whole Foods, ShopRite and Home Depot. It is also near NJ-18 providing access throughout the state and region via the Garden State Parkway and Interstates 95 and 287. In addition, the New Jersey Transit 139 bus route stops within walking distance of the property, offering residents public transportation to New York City.

The community also benefits from the area’s strong demographics with an average household income of $175,331 within a three-mile radius and a growing 55-plus population, which is currently 17,584 within the same area.

Michael Oliver, Jose Cruz, J.B. Bruno, Steve Simonelli and Michael Zlotnick led the JLL Capital Markets team representing the seller.