480 Flatz at 480 Paterson Ave. in East Rutherford — Courtesy: Diversified Properties
By Joshua Burd
A joint venture has completed its lease-up of a new 35-unit luxury apartment building in East Rutherford.
The developers, Diversified Properties and North Jersey Builders Group, are touting the milestone at 480 Paterson Ave. after welcoming the building’s first residents in March. The offering known as 480 Flatz has attracted renters thanks in part to its upscale features, proximity to mass transit and walkable location, helping to revitalize a long-vacant parcel along one of the borough’s main business corridors.
“At the heart of this time-tested ability to drive value from real estate investment lies our deep experience paired with our full suite of in-house construction, leasing and property management capabilities,” said Nicholas Minoia, founder and managing principal of Diversified Properties. “Each of these components were on full display in the success of our 480 Flatz project and we look forward to pursuing similar value-creation opportunities that are in the pipeline over the months to come.”
Located near routes 3, 17 and 21, 480 Flatz is home to one-, two- and three-bedroom units.
Thomas J. Brennan Architects designed the project, with engineering provided by MCB Engineering Associates and construction managed by Morris Construction Management, Diversified Properties’ affiliated construction management firm.