The owner of a 326-unit multifamily portfolio in southern New Jersey has sold the property for $24.5 million, under a transaction announced Monday by The Kislak Co. Inc.
The convenience was hard to beat at Denholtz Properties’ longtime headquarters in Matawan, a three-story office building that sits directly off the Garden State Parkway. But the firm’s new office in Red Bank has much more to offer.
Since 2015, more than 280 towns in New Jersey have signed settlement agreements for their affordable housing obligations, while a judge has determined the statewide need to be about 155,000 units and experts project that about 50,000 of those will be created by 2025. Frankly, the court process is way too far down the road to try and move it back to the Council on Affordable Housing or another state agency. But that is not to say there are not some issues worth discussing as we move forward.
Woodmont Properties has opened the doors to a new luxury apartment complex in Bayonne, its latest residential property and one of many redevelopment projects underway in the city.
A development team has closed on its purchase of a five-acre site in Woodbridge, where it now plans to build a mixed-use project anchored by more than 230 luxury apartments.
A joint venture has marked the opening of a new 257-unit residential building in Harrison, where renters have already leased nearly a third of the available apartments.
Community Investment Strategies has completed its rehabilitation of a North Brunswick apartment complex, delivering 184 new units that will serve as affordable housing.
The developer of a new 69-unit high-end apartment building in Somerville has refinanced the property for $13.25 million, brokers with HFF announced Wednesday.
Advance Realty Investors has hired longtime industry executive Tom Walsh, who will help oversee development and construction for its fast-growing portfolio and for third parties.