An investor has sold a renovated 25-unit apartment building near downtown Montclair for nearly $7.6 million, according to a listing team with Berkadia.
Residential & Mixed Use
The construction boom in New Jersey is no more evident than in the multifamily and mixed-use sector, thanks to changing demographics and the demand for urban-style living, even in the suburbs.
On the horizon
Two key asset classes in New Jersey have become inextricably linked in the last two to three years, as local governments increasingly turn to their aging office stock to fill the state’s housing deficit. Some have done so proactively, but others are acting out of necessity as they race to comply with New Jersey’s updated affordable housing law. That’s causing some market leaders to wonder if municipalities will face “multifamily fatigue” after the latest round of mandates and the corresponding land use planning, which has played out across the state over the past 12 months.
