Boasting a location in bustling downtown Montclair, a multi-housing, transit-oriented community with 163 units has traded hands.
This week, JLL Capital Markets announced it represented the seller, Clarion Partners LLC, in the sale of Montclair Residences at Bay Street Station to Mill Creek Residential Trust LLC and Cigna Investment Management.
According to Senior Managing Director Jose Cruz, “[t]he Montclair Residences at Bay Street Station saw significant interest from the investment community with multiple national groups taking part in the bidding process.”
In addition to Cruz, the JLL Capital Markets Sales and Advisory team representing the seller included Steve Simonelli, J.B. Bruno, Michael Oliver and Kevin O’Hearn.
JLL described the institutionally owned property, which was built in 2009, as “impeccably maintained.” It consists of seven studio, 108 one-bedroom and 48 two-bedroom residences.
Units are decked out with granite countertops, full size washers and dryers, individual HVAC and more. Amenities include a heated swimming pool, fitness center, covered parking garage, direct access to Bay Street Station, among other features.
The Bay Street Station offers access to Manhattan within 35 minutes and Newark within 10 minutes.
Last month, the JLL Capital Markets team represented Goodman Properties in its sale of Millville’s Union Lake Crossing Shopping Center.