Somerset Development has closed on its purchase of some 15 acres at Fort Monmouth that is now slated to become a mix of new townhomes and restored apartments.
Turning the page on a challenging year for New Jersey’s apartment industry
Like everyone else, we expected 2021 to be better and easier. At the beginning of the year, the vaccines were starting to roll out, the feeling was positive and the worst was behind us. But then the reality of 2021 set in. Across the country, with the rise of the Delta variant, supply chain problems, labor shortages and unanticipated weather events, we were thrust into another difficult year. It wasn’t the 2021 we had all hoped for — it was “2020 redux” — and it was just as challenging but in different ways.
