The James at 87 Madison Ave. in Park Ridge — Courtesy: CBRE
By Joshua Burd
Veris Residential Inc. has sold a four-year-old, 240-unit luxury apartment building in Park Ridge for $117 million, brokers with CBRE announced Tuesday.
In a news release, the listing team said an undisclosed buyer purchased The James at 87 Madison Ave. under a deal with the real estate investment trust. The sale comes three years after Veris, which is based in Jersey City, added the property to its own portfolio as part of an acquisition strategy that has shifted in recent years.
CBRE’s Jeffrey Dunne, Stuart MacKenzie, Eric Apfel and Travis Langer of the firm’s institutional properties team, in partnership with Roland Merchant and Tom Pryor of its investment banking unit, advised the seller in the deal.
“Following the $85 million disposition of Signature Place in Morris Plains for Veris Residential last month, we’re pleased to advise the company in the disposition of another trophy multifamily asset in suburban New Jersey,” said Dunne, a vice chairman with CBRE. “The James is well positioned in downtown Park Ridge, benefiting from the area’s affluent clientele and proximity to the Park Ridge train station.”
Designed by Minno & Wasko Architects and Planners, The James opened in 2021 as part of a project by Claremont Development and an institutional partner. The property consists of high-end rentals with amenities such as a fitness center with Precor equipment, a yoga and spin studio, coworking spaces, multiple clubrooms, a plunge pool and others, along with nearly 18,000 square feet of ground-floor retail space.
Brokers also touted the building’s location in downtown Park Ridge and adjacent to the borough’s train station, which provides NJ Transit commuter rail service to Hoboken. They added that Park Ridge is a suburb in Bergen County with high average household incomes and top-ranked public schools, earning an “A” designation from Niche.com.
Developer launches leasing at 240-unit luxury rental project in Park Ridge
