SOMERSET, N.J. — CBRE has arranged the sale of a 384-unit apartment community located in the Central New Jersey community of Somerset. The Grove at Somerset was built on 41 acres in 2013. The property features studio, one-, two- and three-bedroom units, 58 of which are designated as affordable housing. Amenities include a pool with a sundeck, resident clubhouse with a lounge area, business center, fitness center, playground and a dog park. Jeffrey Dunne, Stuart MacKenzie, Eric Apfel, Travis Langer and Eric Greenberg of CBRE represented the buyer, Los Angeles-based owner-operator TruAmerica, in the off-market transaction. The seller was Harbor Group International. The sales price was not disclosed.
New Jersey
KEARNY, N.J. — Marcus & Millichap has brokered the $4 million sale of Helena Arms, a 17-unit apartment building in the Northern New Jersey community of Kearny. The three-story building was constructed in 1969 and houses two studios, six one-bedroom units and nine two-bedroom apartments. Devin Perez, Alan Cafiero and Dean Matuszewicz of Marcus & Millichap represented the seller, a private investor, in the off-market transaction, and procured the undisclosed buyer. Mark Litwack of Marcus & Millichap Capital Corp. arranged acquisition financing for the deal.
LINDEN, N.J. — JLL has negotiated the sale of The Shops at Legacy Square, a 93,785-square-foot shopping center located in the Northern New Jersey community of Linden. Built in 2021, the center was roughly 81 percent leased at the time of sale to tenants such as Starbucks, Panera Bread, Taco Bell, Wawa, Chick-fil-A, AFC Urgent Care and Aspen Dental. J.B. Bruno, Kevin O’Hearn, Jose Cruz and Cole Doyon of JLL represented the seller, a partnership between Stockbridge Capital Group and Cypress Equities, in the transaction. Michael Klein and Max Custer, also with JLL, arranged acquisition financing for the deal on behalf of the buyer, a partnership between Lamar Cos. and Real Capital Solutions.
HAINESPORT, N.J. — New Jersey-based developer Walters has completed a 72-unit affordable housing project in Hainesport, located outside of Philadelphia in Southern New Jersey. Cornerstone at Hainesport consists of six buildings that house one-, two- and three-bedroom units that are reserved for households earning 60 percent or less of the area median income. Amenities include a basketball court, children’s play area and a clubhouse with computer workstations. Construction began in early 2025.
JERSEY CITY, N.J. — A partnership between RXR, Columbia Property Trust, Strategic Value Partners LLC and One Investment Management has begun leasing Hudson House West, a 27-story apartment building in Jersey City’s SoHo West neighborhood. The 338-unit building represents the third and final phase of a larger development known as the Hudson House Collection, which includes another 27-story building (Hudson House East) and a five-story adaptive reuse building known as Radio Lofts. Combined, the buildings total 829 units in addition to 48,000 square feet of retail space. Residences at Hudson House West come in studio, one-, two- and three-bedroom floor plans. Amenities include two pools, outdoor grilling and dining stations, a sky lounge, fitness center, coffee bar, children’s playroom, game lounges, coworking space, an indoor soccer field and a basketball court.
PATERSON, N.J. — Benmark Capital, a private equity firm with offices in Miami and New Jersey, has provided a $38 million loan for the refinancing of a portfolio of two workforce housing buildings totaling 203 units in the Northern New Jersey community of Paterson. The buildings house one-, two- and three-bedroom units, and the portfolio, which includes six commercial spaces, was 99 percent occupied at the time of the loan closing. Marc Waldman of KentMoore Capital arranged the loan on behalf of the locally based borrower, Ania Management.
PARAMUS, N.J. — NRG Adventure Park will open a 59,000-square-foot entertainment venue in the Northern New Jersey community of Paramus. The space is located above a 100,000-square-foot grocery store at Paramus Park South shopping center and will house a ropes course, trampolines, a climbing wall and virtual-reality games. Jamie Sackheim of TSCG represented the landlord, a joint venture led by Heidenberg Properties Group, in the lease negotiations. Jerry Welkis and Stephan Miller of Welco Realty represented NRG.
WAYNE, N.J. — Florida-based owner-operator Basis Industrial has received a $24 million construction loan for a self-storage project in the Northern New Jersey community of Wayne. ExtraSpace Storage will operate the facility at 555 Hamburg Turnpike, which will span 85,330 net rentable square feet across 586 climate-controlled units. Construction is underway and expected to be complete in early 2028. NexBank and NexPoint provided the loan.
PARAMUS, N.J. — Cushman & Wakefield has arranged a $163.9 million construction loan for The Bergen Chapter, a 426-unit multifamily project that will be located adjacent to Bergen Town Center Mall in the Northern New Jersey community of Paramus. The Bergen Chapter will consist of two five-story residential buildings in which 15 percent of the units will be subject to income restrictions. The Bergen Chapter will feature amenities such as a pool, fitness center, lounges, coworking space and landscaped courtyards, as well as ground-floor retail space. John Alascio, Alex Hernandez, Chuck Kohaut, Alan Blank and Chris Meloni of Cushman & Wakefield arranged the debt through PCCP LLC on behalf of the borrower, a joint venture between two New Jersey-based firms, KRE Group and Russo Development.
HOBOKEN, N.J. — Locally based developer Advance Realty Investors has completed Willow House, a 52-unit apartment building in Hoboken. Designed by locally based MVMK Architects and Living Systems, the eight-story building houses studio, one-, two- and three-bedroom units in addition to 6,000 square feet of retail space. Amenities include a lobby lounge, fitness center, coworking space, package room and a rooftop deck. Leasing began in mid-June, at which point rents started in the mid-$4000s per month for a studio apartment. Construction began in winter 2024.
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