Real estate firm CBRE announced Aug. 20 the sale of The James, a Class A multifamily community in Park Ridge. The company advised the owner, Veris Residential, on the sale. CBRE said the buyer is confidential.
Built in 2021, The James, at 87 Madison Ave., consists of 240 apartments along with nearly 18,000 square feet of ground-floor retail space. Apartments range from studio to two bedrooms, one to two bathrooms, and 504 to 1,264 square feet. The monthly price ranges from $2,727 to $10,000.
The property features a fitness center with Precor equipment; a yoga and spin studio; co-working spaces; multiple clubrooms, including a game room with billiards and shuffleboard; a plunge pool; an outdoor lounge with TVs, firepits and BBQ grills.
Retail includes a restaurant, butcher shop, medical spa, and dentist practice, among others.
The property is in downtown Park Ridge and is one-tenth of a mile from Park Ridge Station, which serves NJ Transit’s commuter railroad, offering service to Hoboken and connections to Midtown Manhattan in less than an hour. Park Ridge is an affluent suburb in Bergen County with highly regarded public schools, earning an “A” designation from Niche.com. Park Ridge is about 1 mile from the New York state border.
CBRE was led by Jeffrey Dunne, Stuart MacKenzie, Eric Apfel, and Travis Langer of CBRE Institutional Properties, in partnership with Roland Merchant and Tom Pryor of CBRE’s Investment Banking team,
“Following the $85 million disposition of Signature Place in Morris Plains for Veris Residential last month, we’re pleased to advise the company in the disposition of another trophy multifamily asset in suburban New Jersey,” said Dunne. “The James is well positioned in downtown Park Ridge, benefiting from the area’s affluent clientele and proximity to the Park Ridge train station.”
