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

87 Madison Avenue
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This MultiFamily property located in NJ was sold for $130,000,000 almost 2 years ago. The brokers of the deal were Brian Whitmer, Niko Nicolaou, and Ryan Dowd

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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Deals
  • Location
    87 Madison Avenue, Park Ridge, New Jersey 07656, United States87 Madison Avenue, Park Ridge, New Jersey 07656, United States
  • Sale Price
    $130,000,000$130,000,000
    $557 PPSF$557 PPSF
  • Area
    233,073 SF233,073 SF
  • Asset Type
    MultiFamilyMultiFamily
  • Parties
    3 Brokers, 1 Agency3 Brokers, 1 Agency

Agents

Ryan Dowd

Ryan Dowd

Deals14
Financed$1.1B

Niko Nicolaou

Niko Nicolaou

Deals20
Financed$945.9M

Agency

Cushman & Wakefield

Cushman & Wakefield

Agency
Deals4190
Volume$167B

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Deal Summary

SALE IMAGE: Mahbod Nia & James Gandolfini DATE: 05/05/2022 ADDRESS: 87 Madison Avenue MARKET: Park Ridge ASSET TYPE: Multifamily BUYER: Veris Residential - Mahbod Nia & James Gandolfini SELLER: Claremont Development SALE PRICE: $130,000,000 UNITS: 240 ~ PPU: $541,667

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