The Waverton at 1631 Paterson Plank Road in Secaucus — Courtesy: CBRE
By Joshua Burd
The developers of a four-year-old, 116-unit luxury rental community in Secaucus have sold the property for nearly $48 million, brokers with CBRE announced Thursday.
The sellers, Woodmont Properties and Canoe Brook Development, completed the deal at 1631 Paterson Plank Road under a transaction in which the latter retained its ownership interest, according to a news release. An undisclosed buyer acquired what’s known as The Waverton, which sits along the Hackensack River and provides renters with a host of upscale amenities and easy access to Manhattan via NJ Transit bus service.
CBRE’s Jeffrey Dunne, Stuart MacKenzie, Eric Apfel and Travis Langer represented the joint venture, which included Canoe Brook as a minority partner.
“We are thrilled to have represented Canoe Brook and Woodmont Properties on the sale of The Waverton,” said Dunne, a vice chairman with CBRE. “This is a high-quality asset with extraordinary waterfront views, while the expansive amenity package rivals that of larger Class A properties in the market.”
Completed in spring 2022, The Waverton benefits from a 30-year payment in lieu of taxes agreement with the Hudson County municipality, the news release said. Residents, meantime, have access to a fitness center with a private yoga studio and an outdoor lounge with grills, fire pits and an outdoor TV, as well as an expansive sundeck with waterfront views, a resident lounge and coworking and conference rooms.
Commuters who live at the high-end property can reach Manhattan in roughly 30 minutes, CBRE said, adding that some 20 percent of the homes are reserved as affordable housing.
Developers unveil 116-unit Secaucus rental project amid strong leasing momentum
