The Waverton’s sale highlights investor confidence in transit-connected, amenity-rich housing along the Hackensack River corridor
A prominent riverfront residential community in Secaucus has quietly reset expectations for the local multifamily market, as The Waverton—a 116-home community overlooking the Hackensack River—has officially changed ownership in a $47.8 million transaction that underscores the accelerating strength of New Jersey’s real estate market, particularly in high-access, transit-oriented locations.
The riverfront landmark in Secaucus that recently traded for $47.8 million is
The Waverton, a 116-unit multifamily apartment community situated along the Hackensack River.
Transaction Details
- Property Name: The Waverton
- Sale Price: $47.8 million
- Date of Sale: Announced in late January 2026
- Sellers: A joint venture between Woodmont Properties, PIRHL, and Canoe Brook Development
- Buyer: Undisclosed, though Canoe Brook Development retained a minority ownership stake
- Brokerage: CBRE led the transaction
Property Features and Significance
Completed in 2022, the development at 1631 Paterson Plank Road reinforces the trend of mixed-income growth in Hudson County:
- Mixed-Income Model: Approximately 20% of the units (roughly 23 apartments) are designated as affordable housing.
- Tax Incentives: The property operates under a 30-year PILOT (Payment in Lieu of Taxes) agreement.
- Amenities: Luxury features include a 191-space parking garage, a fitness center with a yoga studio, coworking spaces, and an outdoor lounge with river views.
- Location: Situated seven miles northwest of Manhattan, it offers direct access to the American Dream complex and commute times to New York City of approximately 30 minutes.
Completed in 2022 and located at 1631 Paterson Plank Road, The Waverton occupies a rare stretch of waterfront along one of Hudson County’s most strategically positioned commuter corridors. The property benefits from a long-term 30-year payment-in-lieu-of-taxes agreement, providing operational stability for ownership while preserving predictable municipal revenue for Secaucus. Approximately 20 percent of the community’s residences are designated as affordable apartments, placing the project squarely within the state’s broader push for inclusive, mixed-income housing.
The sale was brokered by CBRE’s Institutional Properties team, which represented the seller, a joint venture that includes Canoe Brook as a minority partner. As part of the transaction, Canoe Brook will retain its ownership stake in the property, signaling continued long-term confidence in the asset and in the surrounding riverfront submarket.
Industry professionals involved in the transaction described The Waverton as a rare combination of premium design, community-oriented planning, and waterfront positioning—an increasingly scarce mix within northern New Jersey. The property’s views of the Hackensack River and immediate access to outdoor recreation infrastructure were repeatedly cited as key differentiators during the marketing process.
From a residential standpoint, The Waverton was designed to compete directly with larger, institutional-grade Class A developments across Hudson and Bergen counties. The 116 residences feature expansive open-concept floor plans, contemporary kitchens with stainless steel appliances and quartz countertops, in-home washer and dryer units, and elevated finishes intended to meet the expectations of today’s renter demographic—particularly professionals seeking quality without sacrificing proximity to New York City.
The building’s amenity portfolio extends well beyond standard offerings. Residents have access to a fully equipped fitness center paired with a dedicated yoga and wellness studio, multiple coworking lounges and conference rooms designed for hybrid and remote professionals, and a resident social lounge featuring billiards and shuffleboard. Outdoors, the community offers a curated gathering environment with fire pits, grilling stations, and a large open-air television, creating year-round social programming opportunities and strengthening on-site resident engagement.
One of the project’s most distinctive features is its immediate adjacency to the Secaucus Greenway, a growing recreational asset that provides pedestrian and cycling connectivity through the Meadowlands region. For residents seeking a balance between urban access and outdoor activity, the location delivers a rare blend of both.
Transportation connectivity continues to play a decisive role in the asset’s appeal. The Waverton sits minutes from Route 3, offering direct vehicular access into the Lincoln Tunnel and major regional highways. NJ Transit bus service provides a streamlined commute into Manhattan, making the community especially attractive to renters who want proximity to New York City while avoiding the pricing and density pressures of the city’s core housing stock.
The transaction arrives at a pivotal moment for Hudson County and the greater Meadowlands corridor, where municipalities are actively re-evaluating underutilized commercial and industrial parcels for residential and mixed-use redevelopment. Secaucus, in particular, has emerged as a strategic focal point due to its transportation infrastructure, employment access, and evolving residential profile.
The inclusion of affordable housing within The Waverton further strengthens its position within the region’s long-term planning framework. As municipalities throughout northern New Jersey continue to face mounting pressure to expand housing supply while preserving socioeconomic diversity, projects that successfully integrate affordability with market-rate design and amenities are increasingly viewed as models rather than exceptions.
Market observers note that stabilized, recently constructed communities with tax-advantaged structures and waterfront exposure remain among the most aggressively pursued assets by institutional and private investors alike. The Waverton’s relatively young construction timeline, combined with its amenity-driven leasing strategy and mixed-income component, places it at the intersection of several high-demand investment criteria.
The sale also reflects a broader recalibration underway across the Hudson River commuter belt, where residents are prioritizing flexibility, work-from-home infrastructure, and neighborhood-scale amenities as much as traditional proximity to transit hubs. Developments that can provide coworking environments, wellness programming, and outdoor social spaces within a single residential footprint are increasingly outperforming conventional rental communities.
As investor attention continues to shift toward high-functioning suburban and edge-urban markets, transactions like The Waverton’s reinforce the growing perception that Secaucus and the surrounding Meadowlands corridor are no longer secondary alternatives to waterfront markets in Jersey City or Hoboken—but competitive destinations in their own right within the broader New Jersey real estate landscape covered by Sunset Daily News’ ongoing reporting on regional housing and development trends.
