Berkshire Buys Metro NYC Community for $117M
This is the firm's second purchase from Veris Residential in two months.
Veris Residential has sold The James, a 240-unit upscale community in Park Ridge, N.J., for $117 million. Berkshire Residential bought the asset, public records show. CBRE represented the seller.
Veris had acquired The James in 2022 for $129.6 million or $540,000 per unit. That deal was involved in a 1031 exchange, according to Yardi Matrix data.
The current transaction marked Berkshire’s second purchase from Veris in two months. In July, the firm acquired a 197-unit community in Morris Place, N.J., in a deal also brokered by CBRE.
The recently completed James
The James came online in 2021 at 87 Madison Ave. in downtown Park Ridge, adjacent to Park Ridge Station. The community is 28 miles north of Midtown Manhattan.
The five-story building features nearly 18,000 square feet of ground-floor retail space, as well as shared amenities such as a fitness center, coworking spaces, a game room, a plunge pool, an outdoor lounge and barbecue grills. The unit mix includes studio, one- and two-bedroom layouts that range in size from 513 to 1,264 square feet, according to the same data provider.
CBRE Vice Chairman Jeffrey Dunne, Senior Financial Analyst Travis Langer and First Vice Presidents Stuart MacKenzie and Eric Apfel led the Institutional Properties team, as well as worked together Senior Managing Director Roland Merchant and Director Tom Pryor from the Investment Banking team, in arranging the deal on behalf of the seller.
The Northern New Jersey multifamily market saw $957.3 million in investment sales year-to-date through July, with 28 properties having changed hands at an average per-unit price of $373,013, according to Yardi Matrix information. The figure is significantly higher than the one recorded in the first seven months of last year, when 11 properties traded for a combined $292.2 million at an average of $294,209 per unit.
