7, 9 and 11 Theta Drive in Vernon — Courtesy: NAI James E. Hanson
By Joshua Burd
A developer has acquired several parcels in Sussex County with approvals in place to build a new 55-unit senior housing community, in a deal arranged by NAI James E. Hanson.
The brokerage team said construction is slated to begin in early 2023 at 7, 9 and 11 Theta Drive in Vernon, citing the project’s location less than two miles from the acclaimed Mountain Creek resort. NAI Hanson’s Dominic Fittizzi represented the buyer, OneKey LLC, in the transaction with Theta 456 Associates LLC, the terms of which were not disclosed.
Fittizzi noted that the site was approved for a different use before the pandemic. When that approval expired, OneKey stepped in to gain approvals to build much-needed senior housing.
“There is a growing demand for senior housing across the state of New Jersey, especially within westerly markets that are currently underserved,” Fittizzi said. “In this case, the buyer’s experience in the development and management of low- and midrise construction places them in a strong position to serve the market’s needs. I’m proud to have played a role in providing my client with the services needed to close the deal and bring the community much-needed senior housing.”
Completion is slated for the fourth quarter of 2023.