At first glance, one might assume that new, luxury apartments are receiving the most interest from investors. While a steady pace of construction can be seen in Northern New Jersey with an average of 5,900 apartments delivered annually, this product is trading infrequently. The majority of investors focused on new construction are institutions that prefer a “build-to-core” strategy over asset acquisition and non-institutional players are unwilling to pay the premium for new development. Thus, the majority of new luxury construction is being held long term.
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.
