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.

Residential & Mixed Use
Long Branch condo developer preps for winter sales season, with 80 percent of homes sold

The developer of 57 beachfront condominiums in Long Branch has sold more than 80 percent of the homes, as it readies for what it hopes will be a busy winter selling season.

Government & Public Policy
NJAA pushes back as Murphy calls for multiyear repayment plans for past due rent

The New Jersey Apartment Association is raising new concerns about a bill that would create long-term repayment plans for renters impacted by the pandemic, following Gov. Phil Murphy’s latest show of support for the measure during his recent State of the State address.

Residential & Mixed Use
Gebroe-Hammer touts $1.3 billion in 2020 multifamily deal volume, despite pandemic

Gebroe-Hammer Associates is hailing the completion of some $1.3 billion in transaction volume in 2020, defying the pandemic and showing the strength of the multifamily sector.

Residential & Mixed Use
Journal Square apartment building with 31 units sells for $4.4 million, CBRE says

The longtime owners of a 31-unit apartment building in Jersey City have sold the property for $4.4 million, in a newly announced transaction by CBRE.

Residential & Mixed Use
Construction underway at 190-unit rental project in Riverside, Kokes says

Kokes Properties has broken ground on the first piece of a 190-unit luxury rental community at the former site of an iconic garment factory in Riverside.

Professional Spotlight
MSW names new counsel in commercial real estate, finance groups

Murphy Schiller & Wilkes LLP has added a veteran attorney to its growing commercial real estate and finance practice groups, the Newark-based firm announced.

Finance & Capital Markets
Joint venture lands $88 million acquisition loan for Somerset apartment deal

A joint venture has secured $88 million in financing for its acquisition of a 384-unit luxury multifamily property in the Somerset section of Franklin, according to JLL.

People
Sommer joins Kushner Cos. as executive VP for development, construction

A veteran development executive has joined Kushner Cos., bolstering its team as the firm continues to grow its pipeline in the region and throughout the East Coast.

Residential & Mixed Use
East Rutherford apartments more than two-thirds leased, developers say

A joint venture has leased more than two-thirds of a new 208-unit luxury rental complex in East Rutherford, citing continued demand for suburban apartments in the midst of the pandemic.

Residential & Mixed Use
East Orange, Irvington apartments change hands for $92.5 million

A joint venture has reaped more than $90 million from the sale of 702 apartments across two dozen buildings in Essex County, according to brokers with Marcus & Millichap.