Tishman Speyer expands global multifamily portfolio with acquisition of Two South Willow

Montclair, NJ Tishman Speyer today has acquired Two South Willow, a 200-apartment building. Tishman Speyer acquired the 172,279 s/f multifamily property, located at 2 South Willow Street for $96.15 million. Completed in 2021, it features 180 market rate and 20 affordable units ranging in size from studio to two bedrooms. The building has street-level retail space featuring a mix of restaurants and arts and entertainment spaces.

Two South Willow is situated in the center of Montclair, a town that offers a unique semi-urban lifestyle in a pedestrian-friendly environment. Widely recognized for its arts and culture, the town is home to the Wellmont Theater. Montclair is in close proximity to both Newark and Hoboken and is less than 40 minutes from Manhattan via NJ Transit.

“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. “We are proud to be stewards of this community of high-quality homes – a strong addition to our growing residential portfolio and a part of our core-plus investment strategy.”

Currently 98% leased, Two South Willow offers residents a wide range of amenities, including a fitness center, activated roof deck, resident lounge, interior courtyard, barbecue grills, and a 203-space parking garage. Tishman Speyer plans to undertake a series of targeted enhancements to the lounge, roof deck, common areas and mechanical systems. Tishman Speyer also intends to reorient the lobby and add a coworking lounge and pet washing station.

Tishman Speyer’s acquisition of Two South Willow is the latest addition to its growing national and international residential platform. Earlier this month, Tishman Speyer announced that it secured full financing and will commence construction on 50 Hudson Street, the second of a two-tower development that will bring more than 2,000 apartments, over 70,000 s/f of retail and an approximately 32,000 s/f plaza to Jersey City’s thriving waterfront. 

Since making its first investment in residential in 1989, the firm has added over 33,000 units of rental apartments and for sale condominiums in the United States, Brazil, China, and across Europe. Today, Tishman Speyer has more than 9,000 units in its residential development pipeline.

A CBRE team, led by Jeffrey Dunne, Stuart MacKenzie, Eric Apfel, and Travis Langer, represented the seller.