By Joshua Burd
Diversified Properties has broken ground on a planned 60-unit luxury apartment building in Wharton, in a project that is being funded with the help of crowdsourced investors.
Known as Irondale at Wharton, the development at 47 Kossuth St. is slated for completion in late 2023. The Montville-based builder is redeveloping the former site of a restaurant, banking on its proximity to downtown Wharton and an undersupply of apartments in the area.
It’s also building the project with investors from RealtyMogul, a real estate crowdfunding service with more than 220,000 members, marking its first use of such a platform, according to a news release. The firm said it attracted a wide range of investors looking to diversify their portfolio by tapping into the growing demand for multifamily housing in high-barrier-to-entry markets like Morris County.
“Despite the demand for housing, limited developable land and a lengthy entitlement process continue to create a challenging multifamily development landscape across Morris County,” said Nicholas Minoia, founder and managing principal of Diversified Properties. “Our hands-on construction and development expertise and our ability to embrace and deploy the latest technologies and services enable us to bring visionary projects to life in even the most complex markets.
“We are proud to continue this tradition through our use of crowdfunding paired with our ability to see an investment opportunity that went overlooked by many. We are excited to celebrate this milestone and look forward to welcoming residents later next year.”
Diversified said the collection of studio, one-bedroom and two-bedroom homes will have high-end finishes and appliances. The community will also have underground parking and a gym for residents.
