CBRE announced Tuesday the $56 million sale of Annin Lofts, a Class A multifamily community in Verona. The transaction marks a significant milestone in the Essex County real estate market, highlighting the continued investor appetite for “live-work-play” assets near major transit hubs.
The sale was orchestrated by the CBRE Institutional Properties team, led by Jeffrey Dunne, Stuart MacKenzie, Eric Apfel, Travis Langer and Eric Greenberg. CBRE represented the seller, Russo Development, and successfully procured the buyer, Bonjour Capital, a private real estate investment firm known for its high-profile residential holdings.
Completed in 2018, Annin Lofts is a 111-unit community that perfectly illustrates the adaptive reuse trend revitalizing New Jersey’s suburban cores. The property consists of two distinct buildings:
-
The Historic Conversion: A meticulous transformation of the former Annin Flag Factory, a local landmark once responsible for manufacturing flags for historic events, including the inauguration of Abraham Lincoln.
-
The Ground-Up Structure: A modern companion building designed to complement the industrial aesthetic of the original factory.
The units feature “loft-style” living characterized by vaulted ceilings and oversized windows that flood the spaces with natural light. High-end finishes include leather granite countertops, stainless steel appliances and vinyl wood plank flooring. Residents also enjoy luxury amenities such as two rooftop terraces, a billiards lounge and a dog run.
The asset’s premium valuation is driven largely by its strategic location. Situated less than a mile from downtown Montclair, residents have immediate access to one of the state’s most vibrant entertainment and dining districts.
“New supply is limited while tenant demand remains robust, given the proximity to Montclair’s energetic downtown and seamless commutability to New York City,” MacKenzie said.
The property offers a “seamless commute” to Manhattan, with several NJ Transit stations located within a 10-minute drive, offering service to Midtown Manhattan in under 40 minutes.
