Veris Residential Acquires 240-Unit Multifamily In Park Ridge For $130M
87 Madison Avenue
233,073 SF
Summary
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.
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