The basics:
- 30-unit Summit luxury multifamily in Maplewood sells for $12.75 million
- SANA Properties acquires newly completed, fully stabilized property from Summit Assets
- CBRE marketed deal, procured buyer under compressed year-end timeline
- Property features premium finishes, amenities, 5 affordable housing units
Boutique luxury multifamily The Summit in Maplewood recently sold for $12.75 million.
CBRE announced arranging the transaction for the 30-unit apartment building Jan. 26. SANA Properties acquired the recently completed, fully stabilized property located at 1722-1744 Springfield Ave. from Summit Assets.
A CBRE Capital Markets team comprising Senior Vice President Richard Gatto and Fahri Ozturk, Senior Associate Tracy Trank and Vice President Zach McHale, exclusively marketed the property and represented Summit Assets in the negotiations. CBRE also procured the buyer.
The firm said the year-end transaction showcased exceptional execution under tight timelines. It also draws attention to the appeal of Maplewood and the area’s appeal fundamentals.
“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,” said Gatto. “Despite the compressed year-end timeline, we were able to generate competitive bidding and deliver a seamless transaction for both parties. This deal demonstrates the depth of capital seeking well-located, newly constructed multifamily product in high-barrier-to-entry markets like Maplewood.”
The Summit debuted in January 2025. Apartments average 1,240 square feet, CBRE said. Two-bedroom units make up approximately 80% of the unit mix. According to The Village Green of Maplewood & South Orange, the property features five affordable housing units.
Premium finishes include waterfall island kitchens, 10-foot ceilings, 8-foot solid wood doors and chrome hardware. The Summit features amenities such as a fitness center, resident lounge, pet spa, indoor heated parking garage and keyless entry throughout.
Full circle
“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,” commented Benjamin Nigri, principal, Summit Assets.
According to Niche.com, Maplewood is one of the top 5 places to live in Essex County, as well as one of the 100 best places to live in the New York City area. It boasts an overall A+ score. CBRE noted an average household income upwards of $233,000. The Summit sits about a five-minute drive from the Maplewood train station. Maplewood also offers residents immediate access to Interstate 78 and the Garden State Parkway.
Also underlying the appeal of the area, SANA Properties Principal Aryeh Bodner commented, “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.”
Trank noted the CBRE team also played a part in the original land sale in 2018.
The Summit sale caps an exceptional year for the CBRE Capital Markets team. According to the commercial real estate services and investment firm, the team closed $929 million in transaction volume across 30 deals totaling 4,857 units throughout Northern New Jersey and the Hudson Valley in 2025.
The post The Summit luxury apartments in Maplewood sell for $12.75M appeared first on NJBIZ.
