CBRE said it has arranged the $56 million sale of Annin Lofts, a Class A multifamily property in Verona, in a deal that it said reflects continued investor interest in well-located North Jersey rental communities.
CBRE representatives led by Jeffrey Dunne, Stuart MacKenzie, Eric Apfel, Travis Langer and Eric Greenberg of CBRE Institutional Properties announced the transaction. CBRE represented the seller, Russo Development, and also procured the buyer, Bonjour Capital, the firm said.
Completed in 2018, Annin Lofts includes two buildings totaling 111 apartments. CBRE said one building was constructed from the ground up, while the second was converted to residential use through the adaptive reuse of the historic Annin Flag Factory.
The property’s apartments feature open layouts and what CBRE described as Class A finishes, including stainless steel appliances, “leather granite” countertops and vinyl wood plank flooring. Amenities include two rooftop terraces, a resident lounge with TVs and billiards, covered parking and a dog run.
Annin Lofts is located within a mile of downtown Montclair, which CBRE characterized as a live-work-play destination with retailers, restaurants and entertainment options. The property is also within a 10-minute drive of several NJ Transit train stations offering service to Midtown Manhattan in under 40 minutes, according to the announcement.
“We are pleased to have represented Russo Development on the disposition of this asset,” Dunne said in a statement. He credited the seller’s conversion of the former factory and said the property offers “a unique residential experience of loft-style living with vaulted ceilings and oversized windows.”
MacKenzie said CBRE saw strong interest from investors. “We received a lot of interest from the investor community given the location, quality, deal size, and overall performance of the asset,” he said, adding that “new supply is limited while tenant demand remains robust,” citing proximity to Montclair and access to New York City.
CBRE Institutional Properties also noted it is marketing several other multifamily listings in the region, including Lexington Riverview, a 43-unit community in Fair Lawn, New Jersey.
