Listen to this articleNational real estate investment firm, operator and developer AMAC has acquired Clarus Berkeley Heights in a joint venture with global asset manager InterVest capital partners.
AMAC declined to disclose the occupancy level at time of sale.
Located at 434 Springfield Ave. in Berkeley Heights, the property features 211 one-, two- and three-room residences designed to offer “condo-quality” living. Developed by JMF Properties, the project wrapped this year, according to AMAC.
“Clarus Berkeley Heights marks our first acquisition in New Jersey, and we are thrilled to have partnered with InterVest capital partners, a top tier alternative investment manager,” said Maurice Kaufman, managing principal at AMAC. “We look forward to continuing to expand our presence in New Jersey and the surrounding region.”
InterVest Managing Director Robert Rothschild said Clarus Berkeley Heights represents a “compelling expression of our data-driven investment thesis of acquiring high-quality, new construction multifamily assets in high-barrier submarkets characterized by strong household incomes, favorable demographics and durable demand fundamentals.
Niche rates Berkeley Heights at No. 2 among its Best Places to Live in Union County and the No. 15 best place to live in the state. The ratings website puts the township’s median annual household income at more than $198,000.
Units at Clarus Berkeley Heights feature:
- European-style cabinetry
- Quartz countertops
- Under-mount sinks
- High-end appliances
- Paneled dishwashers
Part of several Clarus-brand transit-oriented developments from JMF, the Berkeley Heights location sits in downtown. In addition to a spot adjacent to the train station, retail, dining options and other amenities surround the property.
AMAC and InterVest say they plan to bring additional enhancements to the property. The company declined to disclose the investment in the upgrades, but said it intends to refine the FF&E (Furniture, Fixtures, and Equipment) and amenity package, including the:
- Social lounge
- Business center
- Private offices
- Movie theater
- Fitness and yoga center
