Rob Speyer Of Tishman Speyer Acquires Multifamily Property In Montclair For $96.1M

The multifamily asset involved in the transaction is located at 2 South Willow Street, Montclair, NJ. The transaction amount is $96.1 million, covering a total of 172,279 square feet. The property comprises 200 units, which consist of 180 market-rate units and 20 affordable units, and includes ground-floor retail and various amenities such as a roof deck, a fitness center, and a 230-space garage.

Summary of transaction details:

• Property Type: Multifamily
• Transaction Amount: $96,100,000
• Units: 200
• Price Per Unit: $480,500
• Square Feet: 172,279
• Price Per Square Foot: $557,816
• Buyer: Rob Speyer - Tishman Speyer
• Seller: Brian Kingston - Brookfield Properties
• Brokers: Eric Apfel, Jeffrey Dunne, Stuart MacKenzie & Travis Langer - CBRE

The acquisition of the property was aimed at ensuring a swift closing through an all-cash deal. The property is currently 98% leased, contributing to a stable income profile for Tishman Speyer as it takes ownership of the asset.