Montclair Residences at Bay Street Station at 11 Pine St. in Montclair — Courtesy: JLL
By Joshua Burd
An investment manager has sold a 163-unit luxury apartment complex in downtown Montclair, under a newly announced transaction by JLL.
According to the brokerage team, which represented Clarion Partners LLC in the sale, the Montclair Residences at Bay Street Station drew strong interest thanks in part to its location adjacent to NJ Transit commuter rail service. A joint venture of Mill Creek Residential Trust LLC and Cigna Investment Management ultimately purchased the collection of studio, one-bedroom and two-bedroom homes at 11 Pine St.
Terms were not disclosed.
“The Montclair Residences at Bay Street Station saw significant interest from the investment community with multiple national groups taking part in the bidding process,” said JLL’s Jose Cruz, who brokered the deal alongside Steve Simonelli, J.B. Bruno, Michael Oliver and Kevin O’Hearn. They noted that the property, built in 2009, features upscale apartments and amenities such as a heated swimming pool with a sundeck, a barbeque and fire-pit lounge, a modern fitness center and a resident’s lounge.
The complex also has direct access to NJ Transit’s Bay Street station, which provides a 35-minute commute to Midtown Manhattan, and to Montclair’s well-known downtown.
