CBRE has arranged the $12.75 million sale of The Summit, a luxury 30-unit apartment building at 1722-1744 Springfield Ave. in Maplewood.
SANA Properties acquired the recently completed, fully stabilized property from Summit Assets in a year-end transaction.
The CBRE Capital Markets team of Richard Gatto, Tracy Trank, Fahri Ozturk, and Zach McHale, exclusively marketed the property and represented Summit Assets in the negotiations. CBRE also procured the buyer.
“The Summit represents exactly the type of institutional-quality asset that continues to attract strong investor interest in Northern New Jersey’s premier suburban markets,” said Richard Gatto, Senior Vice President at CBRE.
“Despite the compressed year-end timeline, we were able to generate competitive bidding and deliver a seamless transaction for both parties. This deal demonstrates the depth of capital seeking well-located, newly constructed multifamily product in high-barrier-to-entry markets like Maplewood.”
“Maplewood is without a doubt one of the most desirable residential towns in New Jersey,” said Trank. “We are thrilled we were able to work with both the seller and buyer in bringing this deal to fruition, especially since we were part of the original land sale in 2018. It’s gratifying to see this project come full circle.”
Completed in January 2025, The Summit features 30 luxury apartments averaging 1,240 square feet. The unit mix is weighted toward two-bedroom layouts—comprising about 80% of the property. The building showcases premium finishes including waterfall island kitchens with Calacatta grey quartz countertops, 10-foot ceilings, and eight-foot solid wood doors with chrome hardware.
Residents have access to a fully equipped fitness center, a designer resident lounge, pet spa, an indoor heated parking garage with electric vehicle charging stations and keyless entry throughout.
“We are excited to add The Summit to our portfolio,” said Aryeh Bodner, principal of SANA Properties. “Maplewood offers an exceptional combination of top-rated schools, a vibrant downtown, and convenient transit access to Manhattan — factors that drive sustained rental demand. The Summit’s brand-new construction, luxury finishes, and 30-year rent control exemption made this an ideal acquisition for our long-term investment strategy.”
Maplewood has emerged as one of New Jersey’s most sought-after residential communities. The township boasts an average household income exceeding $233,000 and average home values of approximately $911,500.
The Summit is located within a five-minute drive of the Maplewood Train Station, offering residents a 40-minute commute to Manhattan’s Penn Station. The property’s location provides immediate access to Interstate 78 and the Garden State Parkway.
