The surging demand for luxury suburban living in Northern New Jersey reached a new milestone today as SANA Properties finalized the $12.75 million acquisition of The Summit, a boutique 30-unit residential property in the heart of Maplewood.
The deal, brokered by CBRE, marks a significant year-end victory for both the buyer and the seller, Summit Assets, as the property was only completed in January 2025 and is already fully stabilized.
Located at 1722-1744 Springfield Avenue, The Summit was designed to cater to a demographic seeking high-end finishes and urban accessibility. Often dubbed “Brooklyn West” by trend-watchers, Maplewood has become a primary target for institutional investors due to its high average household income (exceeding $233,000) and 40-minute commute to Manhattan.
“The Summit represents exactly the type of institutional-quality asset that continues to attract strong investor interest,” said Richard Gatto, Senior Vice President at CBRE. “This deal demonstrates the depth of capital seeking well-located, newly constructed multifamily product in high-barrier-to-entry markets.”
The property features a unit mix heavily tilted toward two-bedroom layouts (80% of the building), with an average unit size of 1,240 square feet. The developer, Benjamin Nigri of Summit Assets, focused on “over-the-top” details to differentiate the building in a competitive rental market:
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Gourmet kitchens: 10-foot waterfall islands with Calacatta grey quartz countertops.
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Architecture: 10-foot soaring ceilings and 8-foot solid wood doors.
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Modern tech: Keyless entry throughout and EV charging stations in a heated indoor garage.
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Lifestyle perks: A pet spa, designer resident lounge, and a high-end fitness center.
For SANA Properties, the acquisition is more than just a real estate play—it is a strategic investment in one of New Jersey’s most resilient rental markets.
“Maplewood offers an exceptional combination of top-rated schools, a vibrant downtown, and convenient transit access,” said Aryeh Bodner, Principal of SANA Properties. He noted that the building’s 30-year rent control exemption made it an ideal candidate for their long-term portfolio.
The CBRE Capital Markets team, including Gatto, Tracy Trank, Fahri Ozturk, and Zach McHale, represented the seller. Notably, the team has a long history with the site, having also brokered the original land sale in 2018.
