West Caldwell Luxury Apartments Are Worth $17M, Owners Say

WEST CALDWELL, NJ — The Preserve at West Caldwell is now on the market for $17 million, Cushman & Wakefield’s Metropolitan Area Capital Markets Group recently announced.

The newly constructed, 30-unit, 28-acre luxury apartment community is located at 475 Passaic Avenue and includes 24 age-restricted units, according to a Nov. 15 company news release.

“This Essex County property – which sits in an affluent, close-knit suburban community with an active recreation department, neighborhood retail, several parks and tree-lined streets – is perfectly positioned to capture its target market of age 55+ residents,” Cushman & Wakefield’s Brian Whitmer said. “As such, the new development has stabilized quickly, making it an outstanding core investment opportunity. It is a perfect 1031 candidate for someone looking for predictability.”

John Alascio of the commercial real estate services firm’s Equity, Debt & Structured Finance group is working with the team to procure financing, the company stated.

Averaging 1,328 square feet, The Preserve’s amenities include a full-time concierge, “24/7” building security, reserved garage parking, a fitness facility, clubhouse, billiards room and on-site storage.

According to Whitmer, investment demand for multifamily product in Northern New Jersey remains high, particularly for newly constructed product in high barrier-to-entry markets like Essex County.

“In a region where multifamily is largely defined by decades old garden-style properties, offerings for new, highly amenitized assets like The Preserve consistently draw aggressive bidding,” he said.

Photo: Cushman & Wakefield

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