Veris Divests Park Ridge Apartments for $117M
A team led by Jeffrey Dunne, Stuart MacKenzie, Eric Apfel, and Travis Langer of CBRE Institutional Properties, in partnership with Roland Merchant and Tom Pryor of CBRE’s Investment Banking team, closed the sale of The James, a Class A multifamily community in Park Ridge, NJ. CBRE advised the owner, Veris Residential, on the $117-million sale. The buyer was reportedly Berkshire Residential.
Built in 2021 and named for Park Ridge native James Gandolfini, The James consists of 240 apartments along with nearly 18,000 square feet of ground-floor retail space. It is situated in downtown Park Ridge and adjacent to Park Ridge Station, served by NJ Transit’s commuter railroad.
“Following the $85-million disposition of Signature Place in Morris Plains for Veris Residential last month, we’re pleased to advise the company in the disposition of another trophy multifamily asset in suburban New Jersey,” said Dunne. “The James is well-positioned in downtown Park Ridge, benefiting from the area’s affluent clientele and proximity to the Park Ridge train 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