Living Residential Acquires 300-Unit Woodmont Forge Community In Pennington For $115.9M

The property involved in the transaction is a 300-unit multifamily asset located at 100 Forge Circle in Pennington, New Jersey. The sale price for the property was $115,900,000. The asset spans 23 acres and was built in 2024. Living Residential has financed the acquisition with a loan of $74.7 million from TIAA and plans to rebrand the property as One Hundred Forge.

Summary of transaction details:

• Property Type: Multifamily
• Transaction Amount: $115,900,000
• Buyer: Gary Kassirer - Living Residential
• Seller: Eric Witmondt - Woodmont Properties
• Lender: TIAA
• Units: 300
• Price Per Unit: $386,333
• Acres: 23

Living Residential's acquisition expands its New Jersey portfolio to 10 properties totaling more than 2,620 units. The seller, Woodmont Properties, developed the property using a construction loan of $64.4 million from Valley National Bank.