Veris Residential Sells 240-Unit Multifamily Community In Park Ridge For $117 Million

The James, a 240-unit Class A multifamily community located at 87 Madison Avenue in Park Ridge, was sold for $117,000,000. The property spans 18,000 square feet of retail space and was completed in 2021. It is situated near the Park Ridge NJ Transit station and is fully amenitized.

Summary of transation details:

• Property Type: Multifamily
• Transaction Amount: $117,000,000
• Units: 240
• Price Per Unit: $487,500
• Seller: Mahbod Nia - Veris Residential
• Brokerage Firm: CBRE

CBRE arranged the sale on behalf of the seller Veris Residential. The transaction involved several brokers: Jeffrey Dunne, Stuart MacKenzie, Eric Apfel, Travis Langer, Roland Merchant, and Thomas Pryor. The buyer's identity remains undisclosed.