Continuing its multifamily expansion, Tishman Speyer announced its acquisition of Two South Willow, a 200-apartment building located in the heart of downtown Montclair, N.J., just 12 miles from Manhattan.
Tishman Speyer acquired the 172,279-square-foot multifamily property, located at 2 South Willow St., for $96.15 million. Completed in 2021, it features 180 market-rate and 20 affordable units ranging in size from studios to two bedrooms. The building boasts 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. It 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 St., the second of a two-tower development that will bring more than 2,000 apartments, over 70,000 square feet of retail and an approximately 32,000-square-foot plaza to Jersey City’s thriving waterfront.
A CBRE team led by Jeffrey Dunne, Stuart MacKenzie, Eric Apfel and Travis Langer, represented the seller.
