1452 Route 34 in Wall Township — Courtesy: JLL
By Joshua Burd
Veris Residential Inc. has sold 47 acres in Wall Township to Lennar Corp., in a deal arranged by JLL, paving the way for a project that will bring nearly 300 new townhouses to the site.
The brokerage team noted that the tract, located at 1452 Route 34, is approved for the construction of 228 market-rate duplexes and 68 affordable triplex homes. Plans also call for amenities such as private recreational facilities, a clubhouse and a swimming pool, while residents will have easy access to downtown Wall, the Jersey Shore Premium Outlets and nearby beaches.
JLL Senior Managing Director Jose Cruz and Senior Director Ryan Robertson, along with senior managing directors Steve Simonelli and Michael Oliver and directors Elizabeth DeVesty and Austin Pierce, represented Veris in the sale. The real estate investment trust noted in its recent quarterly earnings report that it sold the property for $31 million.
“This transaction highlights the continued demand for well-located residential development opportunities in affluent submarkets,” Cruz said. “The site’s proximity to the Jersey Shore, coupled with its approved plans for a mix of market-rate and affordable housing, made it an attractive investment for Lennar Corporation.”
JLL noted that the site is just a mile from the Garden State Parkway, adding that Wall Township boasts a strong demographic profile with an average household income of $170,072. The area has seen steady population growth of 5.5 percent over the past decade and is projected to continue growing through 2028, the brokerage team added.
“The demand and ultimate pricing we saw for the site continues to highlight the competitive pricing within New Jersey’s for-sale development market,” Robertson said. “We anticipate investors will continue to aggressively pursue approved developments within the residential home building sector as demand continue to outstrip supply for the foreseeable future.”
