Residential & Mixed Use

The construction boom in New Jersey is no more evident than in the multifamily and mixed-use sector, thanks to changing demographics and the demand for urban-style living, even in the suburbs.

Professional Services
Steady hands: How Genova Burns is helping real estate clients navigate rising rates, market shifts

Genova Burns, home to one of the state’s most prominent real estate practices, is as busy and as integral to the industry as it was before the pandemic and before the Federal Reserve began to raise interest rates last year. Increasingly, though, the Newark-based firm is helping clients either play defense or guide them through this period of uncertainty.

Finance & Capital Markets
JLL suburban tristate capital markets team inks $4.7 billion in 2022 sales

Brokers with JLL’s suburban tristate capital markets team are forecasting a busy 2023 after a year in which they completed some $4.7 billion in sale transactions.

Residential & Mixed Use
Owner of 24-unit North Bergen apartment, retail building sells after 25 years, Redwood says

The longtime owner of a 24-unit apartment and retail building in North Bergen has sold the property for $2.5 million, according to a broker with Redwood Realty.

Professional Services
Veteran architect Weston begins term as AIA New Jersey chapter president

A veteran of the design and construction industry has kicked off his tenure as president of the American Institute of Architects’ New Jersey chapter.

Government & Public Policy
Rutgers launches study on parking usage at multifamily sites, seeking updated state guidelines

The Rutgers Center for Real Estate has launched a study that it hopes will capture real-time data on parking usage at residential properties in New Jersey, as it pushes for updates to the decades-old standards that towns and cities use to guide land use and redevelopment.

Residential & Mixed Use
Hudson Atlantic closes $14.7 million sale of 26-unit Madison apartment building

A distinctive 26-unit apartment building in downtown Madison has traded for $14.7 million, brokers with Hudson Atlantic Realty announced Wednesday.

Finance & Capital Markets
C&W: Developers land $147 million construction loan for Parsippany redevelopment project

A development team has secured nearly $147 million in construction financing for a project that will bring some 500 new apartments and retail space to Parsippany, revitalizing the former site of a defunct office complex on Route 10.

Residential & Mixed Use
Sale of 150-unit Central Jersey rental complex caps $1.47 billion year for Gebroe-Hammer

A garden-style apartment complex with more than 150 units has changed hands in central New Jersey, in a deal arranged by Gebroe-Hammer Associates, capping a year in which the firm brokered nearly $1.5 billion in multifamily investment sales.

Residential & Mixed Use
Hackensack apartment building trades for $5 million, Cervelli says

Investors have purchased a 28-unit apartment building in Hackensack for $5 million, in a newly announced transaction by Cervelli Real Estate and Property Management.

Residential & Mixed Use
Diversified buys 10 acres in Jefferson slated for new upscale apartments

Diversified Properties has acquired nearly 10 acres in Morris County where it now plans to build 32 new apartments as the first piece of a multiphase redevelopment.