All 254 units of The Ridge at Readington are 85% pre-released, Larken Associates recently announced.
Located at 460 Route 22 in the eponymous town, the luxury multi-family community is expected to welcome its first residents this fall.
“Our rental success at The Ridge in Readington is a testament to our continued ability to deliver one-of-a-kind communities that tick all the boxes for today’s residents,” said President and CEO David Gardner. . “We are deeply proud of our work to create a truly unparalleled residential destination in Readington, and we look forward to welcoming our first residents later this year.”
The property will include 168 one- and two-bedroom garden apartments in seven buildings, as well as 86 one- and two-bedroom units in two buildings with elevators. The property’s facilities will include a clubhouse with cinema room, lounge and bar; outdoor heated swimming pool with tanning bench; a fitness center; walking trails; and more.
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Larken Associates’ in-house construction team, Core Enterprises, is managing the construction of the project.
The Ridge in Readington will mark the 22nd addition to the Branchburg-based company’s Larken Living portfolio, which includes approximately 2,500 owned and managed residential units throughout the Northeast.
Diversified Properties LLC and Fidelco Realty Group originally launched Summit Court in Union in 2018. Following the rapid rental of its first 130 residences, the partners recently announced the release of the property’s next rental phase.
The new mix of 263 one- and two-bedroom luxury units at 1720 Patriot Way feature 9-foot ceilings, stainless steel appliances, and some include private outdoor space. Facilities include an outdoor pool and sundeck, clubhouse and fitness center, and on-site parking with electric vehicle charging stations.
“These rentals will help meet the extraordinary demand for housing in Union County,” said Diversified Managing Partner Nicholas Minoia.
The property is one mile from Union Station – and Kean University – and minutes from the Garden State Parkway, Interstate 78 and Route 22, as well as being close to of restaurants, shopping and entertainment.
Marketing managers direct the rental of the property. Monthly rents start at $2,320 with grand opening incentives that include free rent for up to two months.
Located steps from the Hudson Bergen 22nd St. light rail station – with service to Jersey City and connections to Manhattan – EDGE, a market-priced apartment complex in Bayonne is 95% leased.
Cypress Equity Investments and Lakewood-based RAM Development announced the milestone for the 180-unit community located at 170 F.
“Bayonne is in the midst of a residential renaissance, with EDGE being one of the latest transit-focused developments near the Hudson Bergen 22nd Street light rail station,” said Michael Sorochinsky, Founder and CEO of CEI. Part of the city’s appeal, according to the IEC, is the price relief that Bayonne offers compared to nearby Hoboken or Jersey City.
EDGE offers one- and two-bedroom units in addition to a small mix of one- and two-bedroom top-floor residences with lofts. Some homes also include private patios with views of the New York skyline. Resort-style facilities offer a landscaped rooftop terrace with lounge seating, outdoor courtyards, communal coworking spaces and more.
City of Jersey
Capital Realty Associates announced the sale of a three-building multi-family portfolio in Jersey City to a New York-based private investor for $6.9 million.
Sales associate Solomon Halberstam completed the sale of 6, 8 and 10 Bergen Ave. (24 units), 484 Central Ave. (seven units) and 938 Westside Ave. (12 units).
“Jersey City’s multi-family sector is extremely active with numerous real estate sales throughout the city,” Halberstam said. “Despite higher interest rates and other economic uncertainties, this market remains very hot and continues to be a target for investors looking to capitalize on the incredible rental growth and new developments underway throughout Jersey City and the New York Metropolitan Area.”
NAI James E. Hanson announced the sale of a 2-acre site in Wharton where he said Diversified Properties LLC was set to build a new luxury multi-family development.
Senior Vice President John Schilp and Vice President Sigmund Schorr represented the seller, Equinet Properties LLC, in the deal with Montville-based Diversified Properties. Financial terms were not disclosed.
The former site of a restaurant and rooming house, Diversified will bring the 60 Irondale units in Wharton to the property at 47 Kossuth St. Construction is expected to begin in the fourth quarter of 2022. The community will include 54 apartments priced from market – 39 one-bedroom apartments, 11 two-bedroom apartments and four studios – in addition to six affordable housing units, underground parking and a gym.
“Today’s northern New Jersey market is awash with developers hoping to find well-located land approved to build multi-family communities,” Schilp said. “However, in such a complicated development landscape, it is essential for sellers to find a buyer who has the experience and vision to turn a hypothetical redevelopment project into reality.”