Tishman Speyer Pays $96M for Montclair Apartments
Tishman Speyer has acquired Two South Willow, a 200-apartment building located in downtown Montclair, NJ, 12 miles west of Manhattan. The company paid $96,150,000 for the 172,279-square-foot multifamily property, located at 2 S. Willow St.
Completed in 2021, the property features 180 market-rate and 20 affordable units ranging in size from studio to two bedrooms. “Two South Willow offers an elevated customer experience curated with high-quality modern finishes, robust amenities and a dynamic mix of restaurant and experiential retail offerings, all set within a premier New Jersey town with direct transit to Manhattan,” said Tishman Speyer managing director Albert Schmool.
Tishman Speyer plans to undertake a series of targeted enhancements to the lounge, roof deck, common areas and mechanical systems. It also intends to reorient the 98% leased property’s lobby and add a coworking lounge and pet washing station.
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Brokers
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Remax Real Estate Professionals
Re/Max Real Estate Professionals
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Jared Ennis
Central CA Commercial | California
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Rick Recckio
Recckio Real Estate & Development
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Greg Corbin
Northgate Real Estate Group
Lenders
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Essex Property Trust, Inc.
California
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Josh A
California
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Bob Tuteur
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Andrew Schildcrout