CBRE announced the $47.8 million sale of The Waverton, a premier Class A multifamily community situated along the Hackensack River. The deal, finalized on Wednesday highlights the continued appetite for luxury assets in New Jersey’s “Gold Coast” transit corridors.
The transaction was led by Jeffrey Dunne, Stuart MacKenzie, Eric Apfel and Travis Langer of CBRE Institutional Properties. CBRE represented the seller, a joint venture that included Canoe Brook and Woodmont Properties. In a strategic move, Canoe Brook has retained its minority ownership interest in the property.
Completed in 2022, The Waverton is a boutique-style community featuring 116 high-end apartments. The property is notably stabilized by a 30-year PILOT (Payment in Lieu of Taxes) agreement, offering long-term tax predictability for the new ownership.
The community provides a crucial mix of housing, with 20% of units designated as affordable. Its location at 1631 Paterson Plank Road allows residents to reach Manhattan via NJ Transit bus in roughly 30 minutes, making it a highly competitive alternative to Jersey City or Hoboken.
The property’s amenity package is designed to rival larger urban developments. Residents enjoy:
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Outdoor Oasis: A sprawling sundeck with river views, fire pits, BBQ grills, and an outdoor cinema area.
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Health & Wellness: A fitness center equipped with a private yoga studio and FitnessOnDemand™ technology.
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Hybrid Work Support: Dedicated coworking spaces and private conference rooms.
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Social Spaces: A resident lounge featuring billiards and shuffleboard.
Inside the units, floor plans range from studios to spacious two-bedroom layouts (averaging 534 to 1,350 square feet). Standard features include stainless steel appliances, quartz countertops, and full-size washers and dryers.
“We are thrilled to have represented Canoe Brook and Woodmont Properties on the sale of The Waverton,” said Jeffrey Dunne, Vice Chairman at CBRE. “This is a high-quality asset with extraordinary waterfront views… the amenity package rivals that of much larger properties in the market.”
The sale of The Waverton is part of a broader wave of activity for CBRE Institutional Properties. The firm is currently marketing several other significant regional assets, including the 921-unit Metro Land development site in Stamford and the 602-unit Binghamton Portfolio.
