47 Kossuth St. in Wharton — Courtesy: NAI James E. Hanson
By Joshua Burd
Diversified Properties has acquired the site of what’s slated to become a new 60-unit luxury multifamily property in Morris County, brokers with NAI James E. Hanson announced.
Located at 47 Kossuth St. in Wharton, the two-acre site the former home of a restaurant and rooming house less than a mile from Interstate 80 and Route 15, according to a news release. It’s also part of a federal Opportunity Zone, making it eligible for tax benefits and creating an attractive opportunity for the seller, Equinet Properties LLC.
NAI Hanson’s John Schilp and Sigmund Schorr represented Equinet in the deal with Montville-based Diversified, adding that the site is approved for the multifamily development. Once completed, the property known as Irondale at Wharton will have 54 market-rate apartments consisting of 39 one-bedroom, 11 two-bedroom and four studio units, as well as six dwellings designated for lower-income renters.
Plans also call for underground parking and a community gym, the news release said. Construction is slated to begin by the end of this year.
“Today’s northern New Jersey marketplace is flooded with developers hoping to find well-located land approved to construct multifamily communities,” Schilp said. “However, in such a complicated development landscape, it is critical for sellers to find a buyer who has the experience and vision to turn a hypothetical redevelopment project into a reality.”
Terms of the sale were not disclosed.
