Tishman Speyer has acquired Two South Willow in Montclair for $96,150,000 to expand their multifamily residential footprint. The seller was represented by the CBRE team of Jeffrey Dunne, Stuart MacKenzie, Eric Apfel, and Travis Langer.
The two hundred-unit, three-story complex consists of 180 market-rate and 20 affordable apartments, including studio, one-, and two-bedroom homes. It was built in 2021 and measures 172,279 square feet. The building features street-level retail space with restaurants and businesses located on the corner of South Willow Street and Montclair’s bustling Bloomfield Avenue.
The complex is 98% leased and boasts several high-end amenities, including a resident lounge, interior courtyard, sizable parking garage, fitness center, barbecues and a rooftop deck. Tishman Speyer will update the lounge, roof deck, common areas, and mechanical systems, as well as reorient the lobby and add a coworking lounge and pet washing station. Two South Willow sits at the center of Montclair, allowing residents to enjoy an urban lifestyle in one of New Jersey’s most desirable suburbs with a robust arts and culture scene as well as easy commutes to NYC and New Jersey business hubs.
“Two South Willow offers an elevated customer experience curated with high-quality modern finishes, robust amenities, and a dynamic mix of restaurant and experiential retail offerings, all set within a premier New Jersey town with direct transit to Manhattan,” said Tishman Speyer Managing Director Albert Schmool. “We are proud to be stewards of this community of high-quality homes – a strong addition to our growing residential portfolio and a part of our core-plus investment strategy.”
This acquisition comes on the heels of Tishman Speyer’s announcement that it had arranged full financing for its development on 50 Hudson Street in Jersey City. Construction is set to begin on the second tower in the ambitious 50 and 55 Hudson Street project. The complex will feature over 2,000 apartments, 70,000 square feet of retail, and a 32,000-square-foot outdoor space on the Hudson River waterfront. Jersey Digs was the first news outlet to publish renderings when the project was first approved in 2022.
The first phase at 55 Hudson Street is currently under construction with a projected 2027 completion. The 637-foot-tall building will span 58 stories and house more than 1,000 apartments, 75,000 square feet of outdoor and indoor amenities and 60,000 square feet of retail.
