Woodmont, Canoe Brook venture sells 116-unit Secaucus rental property, CBRE says

The developers of a four-year-old, 116-unit luxury rental community in Secaucus have sold the property for nearly $48 million, brokers with CBRE announced Thursday.

On the horizon

Two key asset classes in New Jersey have become inextricably linked in the last two to three years, as local governments increasingly turn to their aging office stock to fill the state’s housing deficit. Some have done so proactively, but others are acting out of necessity as they race to comply with New Jersey’s updated affordable housing law. That’s causing some market leaders to wonder if municipalities will face “multifamily fatigue” after the latest round of mandates and the corresponding land use planning, which has played out across the state over the past 12 months.

A changing landscape: Development leaders expect office-to-residential conversions to slow, be reimagined

Some veteran real estate experts are predicting “multifamily fatigue” in the Garden State as towns deal with the latest round of state-mandated affordable housing obligations, potentially reshaping the state’s development scene and the pipeline of residential projects.

Santola, longtime Woodmont executive, serving on Sherrill transition team

A third consecutive governor in New Jersey is set to take office with the help of Stephen Santola, the veteran and highly respected development executive, as a member of its transition team.

Join us Dec. 9 for The State of Redevelopment: Multifamily and Mixed-Use

Hear the latest in development, tenant demand and other trends in warehouse and logistics space.

Woodmont launches leasing at 120-unit townhome, apartment project in Lehigh Valley

Woodmont Properties has unveiled 120 new luxury rental homes in Pennsylvania’s Lehigh Valley, its latest addition to a development about 25 miles west of New Jersey.

Woodmont breaks ground, eyes 2028 delivery for 300-unit Metropark rental project

Woodmont Properties has broken ground on a project that will bring 300 new luxury apartments to a site less than a mile from the Metropark train station in Woodbridge.

Woodmont, Canoe Brook launch leasing at 199-unit Randolph rental property

Woodmont Properties and Canoe Brook Development have unveiled their latest joint venture, launching leasing at a 199-unit luxury rental property along Route 10 in Randolph.

Cronheim: Buyer scores $28 million loan for 120-unit rental property near Hackettstown

The new owner of a 120-unit luxury apartment complex in Warren County has secured nearly $28 million in acquisition financing, in a deal arranged by Cronheim Mortgage.

Woodmont marks lease-up of 300-unit Hopewell rental property after 2024 launch

Woodmont Properties has leased up its new 300-unit luxury apartment property in suburban Mercer County, following the completion of the project roughly a year ago.