Developer Duo Debuts Boutique NJ Multifamily Property

The Hampshire Cos. and The Pinnacle Cos. have completed The Clair, a 40-unit luxury multifamily community in Montclair, N.J. The property sits adjacent to MC Hotel, a 159-key hotel constructed by the same developers. Circle Squared Alternative Investments is also a partner on the project.

OceanFirst provided financing for the development. Further details pertaining to the asset’s financing could not immediately be learned.

Sparrow Asset Management has been tapped to oversee leasing at the property. The Hampshire Cos. will serve as property manager upon stabilization.

Residents of the boutique multifamily property will have access to the hotel’s amenities, which include a business center, indoor and outdoor lounge spaces, a fitness center and drop-off dry cleaning services. Perks specific to apartment residents include discounted hotel rooms and catering events, as well as savings at the hotel’s Allegory Restaurant & Bar, MC Market and Alto Rooftop Lounge. Located at 37 Orange Ave., The Clair is steps away from Montclair’s Bloomfield Avenue corridor, which offers shopping and dining options.

The Clair was designed by Minno & Wasko and has studio and one- and two-bedroom apartments with open floorplans, high ceilings and floor-to-ceiling windows. Other features include walk-in closets, stainless steel appliances and kitchen pantries. Community amenities include valet parking, package service, community Wi-Fi, electric vehicle charging stations, a clubhouse and business center, an outdoor courtyard with grills, a roof terrace and in-unit house cleaning.

Busy Garden State pipeline

The Hampshire Cos. and The Pinnacle Cos. are both New Jersey-based firms. In April 2023, The Hampshire Cos. expanded its New Jersey multifamily footprint with the opening of Max on Morris, an 85-unit community in Morristown, N.J. Located at 175 Morris St., the development has about 610 square feet of retail space.

Max on Morris also offers studio and one- and two-bedroom units. Four of those apartments were designated as affordable housing and 14 provide supportive units for residents with special needs.

The Hampshire Cos. is also building 321 Morris Street, a 270-unit multifamily property in Hackensack, N.J., which will replace an existing building and several parking lots. The developer received a $62 million construction loan in March 2023 from Valley Bank and Fulton Bank in a deal arranged by Northmarq.