Page 6 - RE-NJ

Photo by Skyviews Survey/Courtesy: Tishman Speyer
Courtesy: JLL
4 MAY 2025
THE
BRIEFING
TISHMAN BUYS 200-UNIT MONTCLAIR
PROPERTY FOR $96 MILLION
Tishman Speyer has acquired 200
apartments in downtown Montclair
for more than $96 million, adding
a building that opened in 2021 as
part of a high-profi le redevelopment
project.
Brokers with CBRE arranged the
transaction at 2 South Willow St.,
a 172,279-square-foot property that
is one block from the acclaimed
Wellmont Theater. Tishman Speyer
now intends to upgrade the building’s
lounge, roof deck, common areas
and mechanical systems, with plans
to also reorient the lobby and add a
coworking lounge and pet washing
station.
CBRE’s Jeffrey Dunne, Stuart
2 South Willow St. in Montclair
CAMMEBY’S ADDS WOOD-RIDGE
APARTMENTS FOR $162 MILLION
Cammeby’s International has
expanded its footprint in Wood-
Ridge, acquiring a 406-unit apartment
building in the Wesmont Station
district for nearly $162 million.
Brokers with JLL represented the
seller, AvalonBay Communities,
noting that the property at 100
Rosie Square has a mix of fl oorplans
ranging from studios to three-
bedroom homes, high-end amenities
and some 18,000 square feet of fully
leased ground-fl oor retail space. It’s
also adjacent to Rosera Wesmont, a
new apartment building developed by
Cammeby’s affi liate JCMLiving, giving
the fi rm a major presence at the 150-
acre Wesmont Station property.
JLL senior managing directors Jose
Cruz, Steve Simonelli and Michael
100 Rosie Square in Wood-Ridge
MacKenzie, Eric Apfel and Travis
Langer represented an undisclosed
seller in the $96.15 million deal.
“Two South Willow offers an elevated
customer experience curated with
high-quality modern fi nishes, robust
amenities and a dynamic mix of
restaurant and experiential retail
offerings, all set within a premier
New Jersey town with direct transit
to Manhattan,” Tishman Speyer
Managing Director Albert Schmool
said. “We are proud to be stewards of
this community of high-quality homes
— a strong addition to our growing
residential portfolio and a part of our
core-plus investment strategy.”
Currently 98 percent leased, Two
Oliver, along with directors Elizabeth
DeVesty and Austin Pierce, arranged
the $161.5 million transaction.
“The sale of Avalon Wesmont Station
demonstrates
the continued
investor appetite
for well-located,
institutional-
quality multi-
housing assets in
strong suburban
markets near
Jose Cruz
New York City,”
Cruz said. “This property’s strategic
location, coupled with its value-add
potential through unit renovations,
made it an attractive investment
opportunity in today’s market.”
Built in 2012 and 2013, the property
has amenities such as a swimming
pool, a sundeck with grills, a resident
clubroom with workstations, a
modern fi tness center and covered
parking, according to a news release.
Residents are 12 miles west of New
York City, which they can access via
highways including routes 3 and 17
and interstates 80 and 95, and a half-
mile from a newly built train station
South Willow has a mix of studio,
one-bedroom and two-bedroom
homes, plus amenities such as a
fi tness center, a roof deck, a resident
lounge, an interior courtyard, grills
and a 203-space parking garage, the
global real estate fi rm said. It also has
street-level retail space that is home to
restaurants and arts and entertainment
spaces, serving as a key piece of an
arts district that developers and local
offi cials envisioned when they broke
ground in late 2018.
Tishman’s acquisition of Two South
Willow is the latest addition to a
growing national and international
residential platform that already
included holdings in New Jersey.
In early April, the fi rm announced
that it secured full fi nancing and will
begin commence construction on 50
Hudson St. in Jersey City, the second
of a two-tower development that will
bring more than 2,000 apartments,
some 70,000 square feet of retail
space and a roughly 32,000-square-
foot plaza to the city’s waterfront.
The company added that, over the
past several years, it has acquired
1,800 units across fi ve residential
communities in New Jersey, Boston,
Atlanta, Chicago and Shenzhen,
China. It has also commenced
construction on some 4,000 rental
units during that time in mixed-use
projects in the U.S. and China.
along NJ Transit’s Bergen County line.
“Northern New Jersey continues
to be a target market for investors
nationally given the strong market
fundamentals,” Simonelli said. “We
want to thank our client and buyer
for the fl awless execution of this
transaction.”
In a separate news release, JCMLiving
said it has rebranded the property as
Volair Wesmont.
“We see Wood-Ridge as one of the
most promising neighborhoods in
New Jersey, offering the perfect
blend of suburban tranquility and
urban accessibility just 30 minutes
from New York City,” said Andrew
Weissman, director of North Jersey at
JCMLiving. “Our investment in Wood-
Ridge refl ects our confi dence in the
area’s growth and our commitment to
providing modern, high-quality living
spaces that meet the needs of today’s
renters. We’re excited to contribute to
Wood-Ridge’s continued revitalization
and offer residents a community that
combines convenience, quality and a
forward-thinking lifestyle.”