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11 Pine Street, Montclair, ...

Mill Creek Residential Trust Acquires Multifamily Property In Montclair, NJ For $78M
SOLDMultiFamily

Mill Creek Residential Trust Acquires Multifamily Property In Montclair, NJ For $78M

11 Pine Street, Montclair, NJ, USA

$78,000,000

$523/SF

Building Size

148,909 SF

Asset Type

MultiFamily

Closing

Dec 2, 2021

AI

Located in Montclair, NJ, the multifamily property at 11 Pine Street has recently been sold. The transaction took place on 12/02/2021, with Mill Creek Residential Trust acquiring the property from Clarion Partners. The property spans across 148,909 square feet and consists of 163 units. The sale price for this transaction amounted to $78,000,000, resulting in a price per square foot of $524 and a per unit price of $478,528.

Summary of transaction details:

  • Property Type: Multifamily
  • Transaction Amount: $78,000,000
  • Address: 11 Pine Street, Montclair, NJ
  • Square Footage: 148,909
  • Number of Units: 163
  • Price per Square Foot: $524
  • Price per Unit: $478,528

The deal was facilitated by JLL, with Jose Cruz, Steve Simonelli, Michael Oliver, Kevin O'Hearn, Jason Lundy, and JB Bruno representing the buyer and seller. Their expertise and experience in the real estate industry played a crucial role in successfully closing the transaction. This noteworthy transaction further solidifies the reputation and capabilities of the brokers involved.

Players

JB Bruno

JLL

Broker

$1.6B

vol

21 deals

Broker
MT
Mill Creek Residential TrustBuyer
Clarion Partners
Clarion PartnersLender

Montclair MultiFamily Market Snapshot

Boundary boundary · MultiFamily · Sale transactions

Loading comparables…

Purchase Price

Annual NOI

Loan Amount

Interest Rate (%)

Loan Term (yrs)

Down Payment (%)

Cap Rate

0.20%

Cash-on-Cash

-0.06%

Monthly Payment

$14,164

Annual Debt Svc

$169,964

Annual Cash Flow

$-11,334

DSCR

0.93