MOUNT HOLLY, N.J. — Universe Holdings has purchased Mi-Place at West Rancocas 108, a 108-unit property in Mount Holly, 30 miles east of Philadelphia. Feenmoor Homes sold the asset for $33.6 million. Chez Eider and Andrew Townsend of Marcus & Millichap’s New Jersey office represented the seller in the deal. Mi-Place at West Rancocas 108 consists of 96 apartments and 12 two-story townhomes. Amenities include a clubhouse with a resident lounge, fitness center, game room, pool and dog park.
JERSEY CITY, N.J. — Kushner is nearing completion of The Journal, a roughly $1 billion project positioned adjacent to the Journal Square PATH station in Jersey City’s Journal Square area. Kushner broke ground on the development in 2022. The Journal consists of two 64-story towers, which have been topped out. Pre-leasing efforts are slated to begin in early 2025. Upon completion, The Journal will consist of more than 2 million square feet, including 1,723 apartments and 45,000 square feet of amenity space. The property includes 40,000 square feet of ground-floor …
JERSEY CITY, N.J. — KRE Group has secured a $175 million senior construction loan for the development of Artwalk Towers, a 49-story high-rise project located in Jersey City’s Journal Square neighborhood. Beverly Hills, California-based Kennedy Wilson provided the funding. Artwalk Towers will comprise 595 units. Upon completion, the building will feature a street connector to a PATH train station, pool, barbecue area, gym, coworking spaces and a sky lounge with views of the New York City skyline. The project is slated for completion by the fourth quarter of 2027. KRE …
JERSEY CITY, N.J. — Redwood Realty Advisors has arranged the sale of Common on Pine, a 16-unit community located in the Bergen-Lafayette neighborhood of Jersey City. Recently completed in 2024, Common on Pine offers amenities such as a rooftop lounge, bike storage and a gym. The property also includes one ground-floor commercial space. The asset traded hands for $6.6 million. Steve Matovski represented the seller, 327 Communipaw LLC, and procured the buyer, an undisclosed long-term client of Redwood Realty Advisors.
WOODLAND PARK, N.J. — Locally based development and investment firm Prism Capital Partners will undertake a redevelopment project in Woodland Park, roughly 14 miles north of Newark, New jersey. Jose Cruz, Jeremy Neuer and Ryan Robertson of JLL represented the undisclosed seller in the disposition of the site. The developer plans to convert a 33-acre former office campus at 385 Rifle Camp Road into a 400-unit apartment community. Twenty percent (80 residences) of units will be set aside as affordable housing. Demolition work is currently underway, but a target completion …
POHATCONG, N.J. — Larken Associates has begun pre-leasing Monte View at Pohatcong, a 120-unit garden-style community located at 1001 Monte View Drive in Pohatcong, less than a mile from the New Jersey-Pennsylvania border. The community consists of four buildings. One building includes a clubhouse on the ground level, which features a lounge, game room, coworking space and a kitchen. Additional amenities include a fitness center, pool with a tanning ledge, outdoor seating area with outdoor grills, children’s playground, dog park and pet spa. Monte View at Pohatcong is scheduled to …
LONG BRANCH, N.J. — Locally based brokerage firm The Kislak Co. Inc. (Kislak) has brokered the $3.5 million sale of Morris Mews Apartments, an 18-unit property located in Long Branch, approximately 50 miles east of Trenton, New Jersey. The two-story building was built in 1966. The unit mix includes 16 one-bedroom units and two two-bedroom units. The property was fully occupied at the time of sale. Daniel Lanni of Kislak represented the seller and procured the buyer, both of which were limited liability companies, in the deal.
FORKED RIVER, N.J. — New Jersey-based developer Walters has broken ground on Cornerstone at Lacey III, a 70-unit affordable housing project in Forked River, located along the Jersey Shore about 50 miles north of Atlantic City, New Jersey. Once completed, the nine-building project will offer units to households earning 60 percent or less of the area’s median income. Rates will be based on the renter’s gross annual income. The project represents the third and final phase of Cornerstone at Lacey. The first two phases of the development delivered 118 units …
JERSEY CITY, N.J. — The Community Builders (TCB) has delivered Fairview Heights, a 92-unit mixed-income community in the McGinley Square neighborhood of Jersey City. The property offers studio, one-, two- and three-bedroom apartments. Fifty units are subject to income restrictions. Amenities include a community lounge with a kitchenette and screening area, children’s playroom, onsite laundry facilities and a fitness center. Inglese Architecture + Engineering designed Fairview Heights. Sisca Northeast Associates served as the general contractor.
EAST HANOVER, N.J. — Locally based developer KRE Group has begun leasing Valley View Park, a 239-unit community in East Hanover, approximately 30 miles west of Manhattan. The property was named after a golf course that occupied the site from 1937 to 1973. The project team broke ground on the community in April 2023. The property consists of five four-story buildings, which house one- and two-bedroom units. Of the total unit count, 34 residences are subject to income restrictions. Amenities include a pool, fitness center, indoor and outdoor children’s play …
