MONTCLAIR, NJ-Montclair Residences at Bay Street Station, a 163-unit, class A residential community in the township, has been acquired by Manhattan-based Clarion Partners, the company unveiled on Wednesday. A joint venture of Lincoln Property Co. and REIT Equity Residential sold the property for approximately $53 million, according to property records from Real Capital Analytics. The purchase price equates to $325,153 per unit.

The property, located at 11 Pine St., is 100% occupied and adjacent to NJ Transit's Bay Street Station on the Montclair-Boonton line, which made it an appealing asset for the company's portfolio, says Brian Watkins, managing director at Clarion Partners. "Montclair Residences is among the newest properties in a robust and growing market," he says. "The transit oriented nature of the property, with its location directly adjacent to the Bay Street train station within the town of Montclair, coupled with premium quality construction and a strong amentity package forms a unique asset that we believe will perform well over time."

Jose Cruz of HFF repped the seller on the transaction.