Eric Witmondt Of Woodmont Properties And Bradford Klatt Of Canoe Brook Development Sell Multifamily Asset For $48M

The Waverton is a 116-unit luxury rental community located at 1631 Paterson Plank Road in Secaucus. The property, which sold for $48,000,000, features a price per unit of $413,793. The market value is reflective of sustained investor demand for waterfront, Class A suburban assets with strong access to Manhattan. The property was built in 2022 and includes high-end amenities along with a 30-year Payment In Lieu Of Taxes (PILOT) agreement, with 20% of the units designated as affordable housing.

Summary of transaction details:

• Property Type: Multifamily
• Transaction Amount: $48,000,000
• Units: 116
• Price Per Unit: $413,793
• Address: 1631 Paterson Plank Road
• Market: Secaucus
• Seller: Eric Witmondt - Woodmont Properties; Bradford Klatt - Canoe Brook Development
• Broker: Jeffrey Dunne, Stuart MacKenzie, Eric Apfel & Travis Langer - CBRE

CBRE represented the sellers, Woodmont Properties and Canoe Brook Development, and it is noted that Canoe Brook retained a minority stake in the property. This deal highlights key involvement from industry professionals focused on high-demand rental markets.