MORRISTOWN, NJ - JLL Capital Markets announced today that it has closed the sale of Montclair Residences at Bay Street Station, a 163-unit, transit-oriented multi-housing community in suburban New York City community of Montclair, New Jersey.
JLL represented the seller, Clarion Partners, LLC. Mill Creek Residential Trust, LLC and Cigna Investment Management acquired the asset.
Constructed in 2009, the institutionally owned and impeccably maintained community consists of seven studio apartments, 108 one-bedroom apartments and 48 two-bedroom residences. The units feature granite countertops, stainless steel appliances, full-size washers and dryers, marble vanities, individual HVAC and ceramic and carpet flooring. The impressive amenity package includes a heated swimming pool with a sundeck, a barbeque and fire-pit lounge, a state-of-the-art fitness center, a covered parking garage, a resident’s lounge, an internet café and direct access to Bay Street Station.
The property is located in downtown Montclair, one of New Jersey’s most sought-after and affluent towns. Offering an urban culture in a suburban location, the community provides residents with access to a commercial thoroughfare consisting of grocery stores, highly rated restaurants and high-end boutique shops. In addition, the location at Bay Street train station provides access to Midtown Manhattan within 35 minutes and Newark within 10 minutes.
The JLL Capital Markets Sales and Advisory team representing the seller was led by Jose Cruz, Steve Simonelli, J.B. Bruno, Michael Oliver, Kevin O'Hearn and Jason Lundy
“The Montclair Residences at Bay Street Station saw significant interest from the investment community with multiple national groups taking part in the bidding process,” Cruz said.