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The basics:

• Veris Residential sold The James in Park Ridge for $117M
• Class A multifamily has 240 apartments, 18,000 square feet retail
• CBRE advised Veris; buyer identity not disclosed
• The James 96% occupied with upscale amenities

Opened in 2021 and named for native son James Gandolfini, Veris Residential has offloaded The James in Park Ridge at a loss.

CBRE announced the latest sale of the Class A multifamily for $117 million Aug. 20. The James features 240 apartments and 18,000 square feet of ground-level retail space. In addition to a downtown location in the Bergen County town at 87 Madison Ave., the property stands adjacent to the Park Ridge train station.

The buyer was not disclosed. Veris acquired the property from Claremont Development for $130 million in 2022.

At the time, Veris Residential CEO Mahbod Nia described the deal as “the ideal addition to our existing portfolio,” with the former Mack-Cali Realty Corp. transitioning to a pure-play multifamily REIT.

Veris also disclosed the pending sale of The James in its latest quarterly results, released in July. In the report, the company noted two additional multifamily assets under binding contract for a total $180 million: The James, and Quarry Place in New York.

Year to date, Veris said it closed $268 million of non-strategic asset sales at the close of Q2. The company did not immediately return a request for comment on the latest disposition.

Inside look

A team led by Vice Chairman Jeffrey Dunne, First Vice Presidents Stuart MacKenzie and Eric Apfel, and Senior Financial Analyst Travis Langer of CBRE Institutional Properties, in partnership with Senior Managing Director Roland Merchant and Director Tom Pryor of CBRE’s Investment Banking team advised owner Veris in the transaction. As Dunne noted, it’s the latest work the team has done for the Jersey City-based seller.

“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.”

According to Veris’ Q2 report, The James was more than 96% occupied at the close of the period.

The James offers an expansive amenity package. Perks include a fitness center, yoga and spin studio; coworking spaces; clubrooms, including game room with billiards and shufflebaord; a plunge pool; outdoor lounge with TVs, firepits and grills; and more.

Hometown hero

Nearly two dozen members of the Gandolfini family and friends came out to celebrate The James when it debuted in 2021. Take a closer look inside, in our slideshow.

U.S. Census Bureau data puts the median household income in Park Ridge at $165,391. Meanwhile, Niche.com rates the town an overall A. The website indicates median rent in Park Ridge is $1,995 – above the cited national average of $1,348.

Outside of the Jersey City waterfront, Veris Residential’s remaining New Jersey multifamily properties comprise The Upton in Short Hills, Riverpark at Harrison in Harrison (joint venture, not managed by Veris), RiverHouse11 and RiverHouse 9 in Weehawken, and The Capstone and RiverTrace in West New York. Veris sold its interest in Metropolitan at 40 Park in Morristown in April.

In addition to the aforementioned New York site, the company also has out-of-state properties in Massachusetts and Washington, D.C.

CBRE says it is currently marketing additional multifamily properties for sale. In New Jersey that includes:

• The Waverton, a 116-unit community in Secaucus
• Lexington Fairview, a 43-unit multifamily community in Fair Lawn
• William House, a 63-unit multifamily community in Newark
• 34-acre development site in Montvale
• 1.3-acre development site in Jersey City

Editor’s note: A previous version of this story included a non-exhaustive list of Veris Residential multifamily properties outside of the Jersey City waterfront. It was updated at 3:52 p.m. ET Aug. 20, 2025, to correct that as well as to indicate the company sold its interest in Metropolitan at 40 Park earlier this year.