CBRE announces $117 million sale of The James

Park Ridge, NJ Representatives of CBRE, 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, announced the sale of The James, a Class A multifamily community. CBRE advised the owner, Veris Residential, on the sale.

Built in 2021, The James consists of 240 apartments along with nearly 18,000 s/f of ground- floor retail space. The property features luxury Class A finishes along with an expansive amenity package, including a fitness center with Precor equipment; a yoga and spin studio; coworking spaces; multiple clubrooms, including a game room with billiards and shuffleboard; a plunge pool; an outdoor lounge with TVs, firepits and BBQ grills; and more.

The property is situated in downtown Park Ridge and adjacent to Park Ridge Station, which serves NJ Transit’s commuter railroad, offering frequent service to Hoboken and easy connections to Midtown Manhattan in under an hour. Park Ridge is an affluent suburb in Bergen County with high average household incomes and top-ranked public schools, earning an “A” designation from Niche.com.

“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.”

CBRE Institutional Properties is currently marketing for sale: The Henry, a 169-unit community in Pomona, NY; Crown Point, a 466-unit community in Danbury, CT; The Waverton, a 116-unit community in Secaucus, NJ; Lexington Fairview, a 43-unit multifamily community in Fair Lawn, NJ; and William House, a 63-unit multifamily community in Newark, NJ. Multifamily development sites available for sale include a 234-acre waterfront development site in East Lyme, CT, a 34-acre development site in Montvale, NJ, and a 1.3-acre development site in Jersey City, NJ.