The Summit, a luxury 30-unit residential community in Maplewood, sold for $12.75 million. The recently built apartment building is located at 1722-1744 Springfield Avenue. CBRE brokered the year-end deal of the fully stabilized property.
Exclusively representing Summit Assets in the transaction, CBRE’s Capital Markets team included Richard Gatto, Tracy Trank, Fahri Ozturk, and Zach McHale. In addition to marketing the Maplewood property, CBRE also sourced the buyer, SANA Properties.
“The Summit represents exactly the type of institutional-quality asset that continues to attract strong investor interest in Northern New Jersey’s premier suburban markets,” noted Richard Gatto, Senior Vice President at CBRE. “Despite the compressed year-end timeline, we were able to generate competitive bidding and deliver a seamless transaction for both parties.”
The New York Times has frequently referred to Maplewood as “Brooklyn West”. With a bustling downtown, great schools, and an easy commute, the town has long been one of New Jersey’s most desirable residential communities. Maplewood has an average household income of more than $233,000 and average home values close to $1,000,000.
“Maplewood is without a doubt one of the most desirable residential towns in New Jersey,” added CBRE’s Tracy Trank. “We are thrilled we were able to work with both the seller and buyer in bringing this deal to fruition, especially since we were part of the original land sale in 2018. It’s gratifying to see this project come full circle.”
Built just a year ago, The Summit comprises 30 boutique units, each averaging 1,240 square feet. Roughly 80% of the apartments are two-bedroom homes. All residences feature premium finishes, including quartz countertops, waterfall island kitchens, and high ceilings. The community shares a modern fitness center, lounge, pet spa, keyless entry, EV charging stations, and heated indoor parking
“We are excited to add The Summit to our portfolio,” said Aryeh Bodner, Principal of SANA Properties. “Maplewood offers an exceptional combination of top-rated schools, a vibrant downtown, and convenient transit access to Manhattan. The Summit’s brand-new construction, luxury finishes, and 30-year rent control exemption made this an ideal acquisition for our long-term investment strategy.”
The Summit is minutes from the Maplewood Train Station, giving residents a quick commute into Manhattan. The convenient Essex County location also offers immediate access to both I-78 and the Garden State Parkway.
“From acquiring the land in 2018 to delivering a fully leased, best-in-class apartment community, this project represents years of careful planning and execution,” said Benjamin Nigri, Principal of Summit Assets. “The CBRE team’s deep market expertise and extensive investor relationships allowed us to maximize value and close efficiently before year-end.”
