Veris Residential Acquires 240-Unit Multifamily In Park Ridge For $130M

An undisclosed buyer represented by Veris Residential - Mahbod Nia & James Gandolfini has acquired a multifamily property located at 87 Madison Avenue in Park Ridge. The property consists of 240 units and was sold by Claremont Development for a total sale price of $130,000,000. At an average per unit price of $541,667, this transaction represents a significant investment in the Park Ridge market.

Summary of transaction details

• Property Type: Multifamily
• Transaction Amount: $130,000,000
• Address: 87 Madison Avenue
• Market: Park Ridge
• Buyer: Veris Residential - Mahbod Nia & James Gandolfini
• Seller: Claremont Development
• Number of Units: 240
• Price Per Unit: $541,667

This transaction highlights the active real estate market in Park Ridge and the attractiveness of multifamily properties for investors. The undisclosed buyer, represented by Veris Residential - Mahbod Nia & James Gandolfini, recognized the value of this property and made a substantial investment in the Park Ridge market.