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.

On the money

I’ve spent a decade watching Devco tackle some of the state’s largest, most ambitious redevelopment projects with complex capital stacks and broad coalitions of stakeholders. It’s a topic that we feature in this month’s cover story, which follows a year in which the organization broke ground on more than $1.5 billion worth of development. That makes it all the more timely for us to highlight an operation that is seemingly unlike any other developer in New Jersey.

AvalonBay eyes start of site work at $350 million mixed-use project at Princeton Junction

AvalonBay Communities Inc. has taken its first steps toward transforming an outdated office complex in West Windsor, where plans call for more than 800 units of housing, retail and public space as part of a vibrant destination at the Princeton Junction train station.

Marcus inks sale of 53-unit Toms River multifamily property

Marcus & Millichap has negotiated the sale of Briar Knoll, a 53-unit multifamily property in Toms River, at a capitalization rate of 4.32 percent.

Cronheim sources 15-year financing for 460 apartments in Burlington, Cumberland

An apartment owner has landed financing for a 460-unit portfolio in Cumberland and Burlington counties, according to a debt placement team with Cronheim Mortgage.

Kislak inks sale of 70-unit apartment complex in Plainfield

A private buyer has purchased a 70-unit garden apartment complex in Plainfield for $17.5 million, in a newly announced transaction by The Kislak Co. Inc.

Skyline Development, local officials mark opening of 70 condos in North Bergen

Skyline Development Group has taken the wraps off Solaia, its new 70-unit luxury condominium property near the Hudson River waterfront in North Bergen.

DMR: Developer kicks off first of 11 buildings at 88-acre town center site in Whippany

A developer has broken ground on a project that will revive the former site of a historic paper mill complex in Hanover’s Whippany section, bringing nearly 1,000 residential units, 80,000 square feet of retail space and other uses as part of an 88-acre town center.

KRE, Russo begin leasing at 345-unit rental property in Morris County

Kushner Real Estate Group and Russo Development have all but completed a new collection of 345 luxury apartments in Rockaway, where leasing is now underway.

Onyx eyes early 2022 launch of newest boutique apartments in Ridgewood

Onyx Equities is set to unveil a new 39-unit luxury apartment building in downtown Ridgewood, as it looks to continue its momentum from another recently opened property in the village.

NJAA calls for ramping up new state eviction prevention program

With New Jersey’s eviction moratorium drawing down and state officials no longer taking applications for rental assistance for landlords and tenants impacted by the pandemic, stakeholders are hoping to see a new eviction prevention program take center stage.