Sitting directly along the Hackensack River, multifamily property The Waverton in Secaucus recently sold for $47.8 million.
CBRE announced the sale of the 116-unit apartment building Jan. 29. The firm represented the seller, a joint venture that includes Canoe Brook Development as a minority partner. According to CBRE, Roseland-based Canoe Brook retained its ownership stake in The Waverton. The buyer was not disclosed.
A CBRE Institutional Properties team led by Vice Chairman Jeffrey Dunne, First Vice Presidents Stuart MacKenzie and Eric Apfel, and Senior Financial Analyst Travis Langer worked on the deal.
The Waverton made its debut in 2022, developed by Woodmont Properties and PIRHL in addition to Canoe Brook. The $37 million project located at 1631 Paterson Plank Road immediately caught the attention of renters, surpassing the 50% leased mark just two months after launch.
The property benefits from a 30-year Payment in Lieu of Taxes agreement. Approximately 20% of the apartments are designated affordable, CBRE said.
“We are thrilled to have represented Canoe Brook and Woodmont Properties on the sale of The Waverton,” Dunne said. “This is a high-quality asset with extraordinary waterfront views, while the expansive amenity package rivals that of larger Class A properties in the market.”
Inside look: Take a tour of The Waverton with our slideshow here.
The property includes a 191-space parking garage, along with an oversized amenity package. Perks include: fitness center with private yoga studio; outdoor lounge with grills, firepits and TVs; sundeck with waterfront views; resident lounge with billiards and shuffleboard; and coworking and conference rooms.
Meanwhile, units offer open layouts, luxury finishes, full-size washer and dryer, and more.
Locally, CBRE Institutional Properties is also marketing for sale Lexington Riverview, a 43-unit community in Fair Lawn. Earlier this month, the group celebrated the sale of multifamily Annin Lofts in Verona for $56 million.
In its 2026 U.S. Outlook, CBRE notes expectations the multifamily sector will continue to see positive net demand throughout 2026.
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