By Joshua Burd
A developer has purchased nearly 15 acres of vacant land on Route 130 in Burlington County, in a newly announced deal by Rose Commercial Real Estate.
In a news release, the brokerage firm said it completed the sale in Delran Township after the rezoning of the property to accommodate luxury apartments. An entity listed as Delran Associates LLC paid $2.25 million for the 14.66-acre site, in the deal with Kamdy LLC.
Rose Commercial Director of Business Development Jeffrey Lucas represented both parties. The firm noted that the parcel, which had been zoned for retail, remained on the market due to an oversaturation in the area, but the brokerage team determined what the market would support and secured the rezoning with local officials.
Slated to break ground later this year, the project will also assist in the township’s state-mandated affordable housing obligation, the news release said.
“Once perceived as only for those who could not afford to buy a home, the interest of apartment living is a choice of many people who prefer not to own real estate and individuals without children,” the firm wrote in a news release. “The New Brunswick-based developer chose the site as it is close to public transportation and surrounded by retail. There was also a lack in new apartments south of Rancocas for years.”