Annin Lofts at 151 Bloomfield Ave. in Verona — Courtesy: CBRE
By Joshua Burd
Russo Development has sold a 111-unit multifamily property in Verona that it completed as part of an adaptive reuse of a historic factory building, in a deal arranged by CBRE.
The buyer, Bonjour Capital, paid $56 million for what’s known as Annin Lofts at 151 Bloomfield Ave. and roughly a mile from downtown Montclair. That includes both the restored Annin Flag Factory and an adjacent ground-up structure, which debuted in 2018 with upscale rentals and amenities such as two rooftop terraces, a resident lounge with TVs and billiards, covered parking and a dog run, in a project designed by DMR Architects.
CBRE’s Jeffrey Dunne, Stuart MacKenzie, Eric Apfel, Travis Langer and Eric Greenberg represented the seller and procured the buyer.
“We are pleased to have represented Russo Development on the disposition of this asset,” said Dunne, a vice chairman with CBRE’s Institutional Properties team. “Russo did a fantastic job converting the old factory while offering a unique residential experience of loft-style living with vaulted ceilings and oversized windows.”
In announcing the deal, the brokers noted that residents have easy access to Montclair’s vast selection of retailers, restaurants and other entertainment options. There are also several NJ Transit stations within a 10-minute drive of the property, providing frequent commuter rail service to Midtown Manhattan in less than 40 minutes.
“We received a lot of interest from the investor community given the location, quality, deal size and overall performance of the asset,” said MacKenzie, a first vice president with the firm. “New supply is limited while tenant demand remains robust, given the proximity to Montclair’s energetic downtown and seamless commutability to New York City.”
Russo, Dinallo debut loft-style rentals at historic Verona flag factory
