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 in Park Ridge, N.J. CBRE advised the owner, Veris Residential, on the sale.
Built in 2021, The James consists of 240 apartments along with nearly 18,000 square feet 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.
“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.”
