North Jersey luxury apartment complex sells for $85 million
The buildings at the property — known as Signature Place — were constructed in 2018, said real estate services firm CBRE, which served as the adviser for the owner, Veris Residential.
Property tax records show that for over a decade the site has been in the hands of the Jersey City-based real estate firm Mack-Cali, which later changed its name to Veris Residential and which owns several skyscrapers across Jersey City.
Veris spent $930,000 on land improvements and nearly $56.5 million on building improvements, company public filings show.The luxury property boasts a pool, fitness center, yoga studio, private movie theater, pet spa, golf simulator and clubroom with a fireplace and game tables, CBRE said.
CBRE Vice Chairman Jeffrey Dunne said in a statement that the property would be a financial investment for the new owner.
'Signature Place benefits from its location in affluent Morris County,' he said.
New Jersey, especially Jersey City right across the Hudson River from Manhattan, has become a more attractive place for affluent renters working in New York City, Veris CEO Mahbod Nia said in an April earnings call.
'Our assets do still carry significant appeal for people working in Manhattan and choosing to live over here given the benefits of the rent differential,' Nia told investors.
Daniel Munoz covers business, consumer affairs, labor and the economy for NorthJersey.com and The Record.
Email: munozd@northjersey.com; Twitter:@danielmunoz100 and Facebook
This article originally appeared on NorthJersey.com: North Jersey luxury apartment complex sells for $85 million
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