MRA Completes $112.5M Multi-Family Sale

The Highlands at Plaza Square is a 415-unit Class A property located in downtown New Brunswick, N.J. It was purchased by Highlands Urban Renewal L.L.C., which is controlled by Manulife Financial Corp.

January 31, 2011
By Allison Landa, News Editor

Courtesy Flickr Creative Commons user pena2

MRA Plaza Apartments I Urban Renewal L.L.C. has completed the $112.5 million sale of The Highlands at Plaza Square in New Brunswick, N.J. MRA, which is an entity controlled by Prudential Real Estate Investors, Roseland Property Co., Applied Development Co., and Matrix Development Group, sold the property to Highlands Urban Renewal L.L.C., which is controlled by Manulife Financial Corp.

The Highlands at Plaza Square comprises 415 Class A units in downtown New Brunswick along Route 18. It is located near Interstates 287 and 95, New Jersey Transit and Amtrak.

MRA was represented by Jeffrey Dunne, Kevin Walsh and Christopher Leonard of CB Richard Ellis’ New York Institutional Group. Dunne said that Manulife is poised to benefit from the ongoing transformation of downtown New Brunswick, and that it is a strong first entry for the company into the local market.

CBRE’s New York Institutional Group has sold more than $510 million in apartment in 2010. That total includes the sale of Avalon on the Sound in New Rochelle, N.Y. for $107.5 million, Bank Street Commons in White Plains, N.Y. for $155 million, and Newbury Common in Stamford, Conn., for $62 million.