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

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.