Exclusive: River Rock Pays $56M for North Jersey Community
CBRE Capital Markets provided the Freddie Mac acquisition loan.
River Rock Capital has paid $55.5 million for The Essex, a 158-unit multifamily property in Belleville, N.J., according to Yardi Matrix.
The buyer also secured a $35.5 million Freddie Mac acquisition loan from CBRE Capital Markets, with a maturity date set for 2032. The seller is Premier Developers, the same source shows.
Located at 100 Washington Ave., The Essex is in central Belleville, in an area with multiple bus stops and a mix of retail and restaurant options, including Walgreens.
The property has access to New Jersey Route 21 and interstates 280 and 95. Downtown Newark, N.J. is 5 miles away, while the city’s international airport is 8 miles southwest.
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The five-story, pet-friendly residential building came online in 2024 and encompasses 10,000 square feet of first-floor retail space. The unit mix comprises studio and one- to two-bedroom units ranging from 628 to 908 square feet. Apartments feature wood-style flooring, private balconies, walk-in closets and in-unit washers and dryers.
Common-area amenities include a coworking space, a fitness center, a clubhouse, a swimming pool, a rooftop terrace, EV charging stations and 178 vehicle parking spots.
New Jersey investors increased pace
Year-to-date through November, New Jersey’s multifamily transaction volume saw 57 multifamily communities totaling 7,237 units, changing ownership, according to Yardi Matrix. Investment pace picked up notably—recording a 117.2 percent spike—when compared to the same period in 2024, when only 19 properties featuring a total of 3,332 units, sold in the metro.
The prices in New Jersey also jumped. More specifically, the metro’s $314,666 average per unit sale price saw a 13.2 percent increase through November compared to last year, when units traded at $278,085.
Recent sales include the $40.8 million acquisition of The West, a 70-unit luxury community in West Orange, N.J. A joint venture between Varma Real Estate and Garas Development purchased the property, with the aid of a $27.5 million acquisition loan.
In July, Veris Residential sold Signature Place, a 197-unit community in Morris Plains, N.J. Berkshire Residential paid $85 million for the Class A asset, which has been the city’s first office-to-residential conversion.
