Waterfront Multifamily in Secaucus Just Traded for Nearly $50M 💸

Every so often, a sale comes along that quietly says what the data has been hinting at for a while: New Jersey’s waterfront multifamily isn’t “emerging” anymore. It’s here.

The latest proof point: The Waverton in Secaucus.

A $47.8M Bet on the Hackensack River

Completed in 2022, The Waverton is a 116‑unit riverfront community at 1631 Paterson Plank Road in Secaucus, perched along the Hackensack River with direct waterfront views and access.

The property just sold for $47.8 million, underscoring investor conviction in:

• Waterfront multifamily outside Manhattan
• New, transit-accessible product
• Long-term, incentive-backed cash flows

30-Year PILOT + 20% Affordable: Why This Matters

Two details make this deal especially interesting to us:

• 30-year PILOT program
  A long-term payment-in-lieu-of-taxes structure gives ownership more visibility and stability on future expenses—something both lenders and equity love.

• ~20% affordable housing
  Roughly one-fifth of the units are designated affordable, which:

  • Broadens the resident base
  • Aligns with municipal and state-level housing goals
  • Adds a resiliency layer to rent rolls in different market cycles

It’s the kind of blended profile—market-rate plus affordable, new construction plus incentives—that we’re seeing more institutional capital actively pursue.

What This Signals for the Waterfront Multifamily Market

For us, this trade sits at the intersection of several trends we’re tracking closely:

• Shift to “near-urban” waterfront
  Properties along the Hackensack and Hudson that offer quick access to NYC are no longer “secondary” in the eyes of many investors.

• Preference for newer, stabilized assets
  Post-2020, there’s been a premium for recently delivered, well-leased buildings with clear operating histories and modern amenities.

• Growing importance of affordability
  Deals that layer in affordable housing components—without sacrificing design or overall rent roll quality—are increasingly competitive.

Our Take

We love seeing transactions like this because they validate what we’re seeing day-to-day across the Hudson and Hackensack corridors:

• Capital is still there for the right story.
• Waterfront remains a magnet—for residents and investors.
• Thoughtful, mixed-income communities are not just good policy; they’re smart business.

If you’re holding or considering a multifamily asset along the New Jersey waterfront and wondering how this kind of trade might impact value, buyer pools, or timing, that’s exactly the conversation we live in!