The Summit at 1722-1744 Springfield Ave. in Maplewood — Courtesy: CBRE
By Joshua Burd
The developer of a new 30-unit luxury apartment building in Maplewood has sold the property for nearly $13 million, according to a listing team with CBRE.
Brokers say the property, located at 1722-1744 Springfield Ave., was fully stabilized at the time of the year-end sale by Summit Assets. The buyer, SANA Properties, paid $12.75 million in a transaction that comes less than 12 months after the completion of the project, which features mostly two-bedroom rentals alongside a series of upscale amenities.
CBRE’s Richard Gatto, Tracy Trank, Fahri Ozturk and Zach McHale represented the seller and procured the buyer.
“The Summit represents exactly the type of institutional-quality asset that continues to attract strong investor interest in northern New Jersey’s premier suburban markets,” said Gatto, a senior vice president with the firm. “Despite the compressed year-end timeline, we were able to generate competitive bidding and deliver a seamless transaction for both parties. This deal demonstrates the depth of capital seeking well-located, newly constructed multifamily product in high-barrier-to-entry markets like Maplewood.”
Trank added: “Maplewood is without a doubt one of the most desirable residential towns in New Jersey. We are thrilled we were able to work with both the seller and buyer in bringing this deal to fruition, especially since we were part of the original land sale in 2018. It’s gratifying to see this project come full circle.”
CBRE announced the deal this week while noting that units at The Summit average 1,240 square feet. Residents have access to a fully equipped fitness center, a designer resident lounge, a pet spa and an indoor heated parking garage with electric vehicle charging stations.
The Summit is also within a five-minute drive of NJ Transit’s Maplewood station, which provides a 40-minute commute to New York Penn Station, and easily accessible from Interstate 78 and the Garden State Parkway.
“We are excited to add The Summit to our portfolio,” said Aryeh Bodner, a principal of SANA Properties. “Maplewood offers an exceptional combination of top-rated schools, a vibrant downtown and convenient transit access to Manhattan — factors that drive sustained rental demand. The Summit’s brand-new construction, luxury finishes, and 30-year rent control exemption made this an ideal acquisition for our long-term investment strategy.”
The listing team added that Maplewood boasts an average household income exceeding $233,000 and average home values of some $911,500.
“From acquiring the land in 2018 to delivering a fully leased, best-in-class apartment community, this project represents years of careful planning and execution,” said Benjamin Nigri, a principal of Summit Assets. “The CBRE team’s deep market expertise and extensive investor relationships allowed us to maximize value and close efficiently before year-end. Their professionalism throughout the process was outstanding.”
The Summit sale caps a busy year in which CBRE’s capital markets team closed 30 deals valued at a combined $929 million, the firm said, including properties totaling 4,857 units throughout northern New Jersey and the Hudson Valley.
