**Veris Residential Sells Park Ridge Apartments for $117 Million**
A team from CBRE Institutional Properties, led by Jeffrey Dunne, Stuart MacKenzie, Eric Apfel, and Travis Langer, along with CBRE’s Investment Banking team members Roland Merchant and Tom Pryor, has closed the sale of The James, a Class A multifamily community located in Park Ridge, New Jersey. CBRE advised the seller, Veris Residential, in the $117 million transaction. The buyer is reported to be Berkshire Residential.
Completed in 2021, The James features 240 upscale apartment units and approximately 18,000 square feet of ground-floor retail space. The property is located in downtown Park Ridge and is adjacent to Park Ridge Station, which is serviced by NJ Transit’s commuter rail line. The development was named in honor of James Gandolfini, a notable native of Park Ridge.
“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.”
This transaction reflects continued investor interest in high-quality multifamily assets in prime suburban locations across the region.
