News release

Sale of Northern New Jersey Class A multi-housing community closes

JLL Capital Markets completed the sale of Montclair Residences at Bay Street Station

December 06, 2021

Jenna Sharp

Property Management and Capital Markets
+1 214 438 6450

MORRISTOWN, N.J., Dec. 6, 2021 – JLL Capital Markets announced today that it has closed the sale of Montclair Residences at Bay Street Station, a 163-unit, transit-oriented multi-housing community in suburban New York City community of Montclair, New Jersey.

JLL represented the seller, Clarion Partners, LLC. Mill Creek Residential Trust, LLC and Cigna Investment Management acquired the asset.

Constructed in 2009, the institutionally owned and impeccably maintained community consists of seven studio apartments, 108 one-bedroom apartments and 48 two-bedroom residences. The units feature granite countertops, stainless steel appliances, full-size washers and dryers, marble vanities, individual HVAC and ceramic and carpet flooring. The impressive amenity package includes a heated swimming pool with a sundeck, a barbeque and fire-pit lounge, a state-of-the-art fitness center, a covered parking garage, a resident’s lounge, an internet café and direct access to Bay Street Station. 

The property is located in downtown Montclair, one of New Jersey’s most sought-after and affluent towns. Offering an urban culture in a suburban location, the community provides residents with access to a commercial thoroughfare consisting of grocery stores, highly rated restaurants and high-end boutique shops. In addition, the location at Bay Street train station provides access to Midtown Manhattan within 35 minutes and Newark within 10 minutes.

The JLL Capital Markets Sales and Advisory team representing the seller was led by Jose Cruz, Steve Simonelli, J.B. Bruno, Michael Oliver, Kevin O'Hearn and Jason Lundy

“The Montclair Residences at Bay Street Station saw significant interest from the investment community with multiple national groups taking part in the bidding process,” Cruz said. 

JLL Capital Markets is a full-service global provider of capital solutions for real estate investors and occupiers. The firm's in-depth local market and global investor knowledge delivers the best-in-class solutions for clients — whether investment and sales advisory, debt advisory, equity advisory or a recapitalization. The firm has more than 3,000 Capital Markets specialists worldwide with offices in nearly 50 countries.

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About JLL

JLL (NYSE: JLL) is a leading professional services firm that specializes in real estate and investment management. JLL shapes the future of real estate for a better world by using the most advanced technology to create rewarding opportunities, amazing spaces and sustainable real estate solutions for our clients, our people and our communities. JLL is a Fortune 500 company with annual revenue of $16.6 billion in 2020, operations in over 80 countries and a global workforce of more than 95,000 as of September 30, 2021. JLL is the brand name, and a registered trademark, of Jones Lang LaSalle Incorporated. For further information, visit jll.com.

About Clarion Partners

About Clarion Partners, LLC Clarion Partners LLC, an SEC registered investment adviser with FCA-authorized and FINRA member affiliates, has been a leading U.S. real estate investment manager for more than 39 years. Headquartered in New York, the firm maintains strategically located offices across the United States and Europe. With over $65 billion in total assets under management, Clarion Partners offers a broad range of real estate strategies across the risk/return spectrum to nearly 500 domestic and international institutional investors. More information about the firm is available at clarionpartners.com.

About Mill Creek Residential

Mill Creek Residential Trust LLC is a national rental housing company focused on the development, acquisition and operation of rental communities in targeted markets nationwide. The national company, headquartered in Boca Raton, Florida proactively develops, acquires, constructs and operates communities through its seasoned team of real estate professionals in offices across the United States. Mill Creek is building its portfolio in many of the nation's most desirable markets in Seattle, Portland, the San Francisco Bay area, Southern California, Denver, Dallas, Austin, Houston, South Florida, Tampa, Orlando, Atlanta, Nashville, Charlotte, Raleigh, Washington, D.C., New Jersey, New York and Boston. As of March 31, 2021, the company's portfolio is comprised of 98 communities representing over 26,700 rental homes that are operating and/or under construction. For more information, please visit millcreekplaces.com.