A parcel at Bergen Town Center on Forest Avenue in Paramus is slated to house 426 luxury apartments across two phases. — Courtesy: JLL
By Joshua Burd
Urban Edge Properties has completed its sale of a parcel at Bergen Town Center in Paramus, paving the way for a new 426-unit multifamily project by Russo Development and KRE Group.
According to JLL, which brokered the $25 million sale, the buyers are slated to develop the Forest Avenue property in two stages as part of a plan to diversify the site of the 1 million-square-foot retail complex on Route 4. The 166-unit first phase will give way to another 260 homes, with both sections featuring four floors of residential space over two or three levels of parking, along with upscale amenities for residents and 5,000 square feet of retail space.
JLL Senior Managing Director Jose Cruz and Senior Director Ryan Robertson represented Urban Edge alongside senior managing directors Steve Simonelli and Michael Oliver and directors Elizabeth DeVesty and Austin Pierce.
“The combination of Russo and KRE Group’s development expertise and the site’s prime location makes this an attractive investment opportunity in today’s market,” Cruz said.
JLL announced the deal while noting Bergen County’s affluent demographics, along with its connectivity to Route 4, the Garden State Parkway and Interstate 80.
“We continue to see a wave of larger redevelopment projects in mixed-use locations, where malls are incorporating multifamily, retail and other elements to remain competitive,” Robertson said.
