6B — May 24 - June 13, 2019 — Owners, Developers & Managers — M id A tlantic
Real Estate Journal
www.marej.com
O wners , D evelopers & M anagers
EST ORANGE, NJ — A topping-out ceremony t oday Developed on a former industrial site and brownfield NJHMFA celebrates topping out ceremony for mixed-income apartment complex inEssex County W (AMI). Seven apartments will provide homes for residents earning 30% AMI or less.
transportation,” said Lieuten- ant Governor Sheila Oliver, who also serves as Commis- sioner of the Department of Community Affairs and Chair of the NJHMFA board. “Gov- ernor Murphy and I, along with our partners at NJHMFA and the Alpert Group, are pleased to continue to build affordable living opportuni- ties in New Jersey for working families and young people with projects like this.” Valley Road Residential was developed on a former industri- al site and brownfield adjacent to the Harvard Printing apart- ments in Orange, a 2018 NJ Future Smart Growth award- winning project developed by the same team with NJHMFA financing assistance. “Mixed-income develop- ments increase community and economic diversity and bolster the long-term vital- ity of the neighborhood,” said NJHMFA executive director Charles Richman . “Valley Road Residential’s proximity to transportation and access to job opportunities, along with walkability to neighborhood amenities, make it especially appealing.” NJHMFA awarded the de- velopment 9% Low Income Housing Tax Credits, which are expected to generate $12.5 million in private equity. The $29.7 million development also received funding from West Orange’s Affordable Housing Trust Fund. Rents on the one- to three- bedroom apartments will range from $449 to $1,361 for the affordable units and $1,500 to $1,795 for market- rate units. The development also includes onsite parking, a community room, and common laundry facilities. Construc- tion is expected to be complete by the end of the year. The developers include: • The Alpert Group, based in Fort Lee, a family-owned, full-service real estate man- agement and development company. • Ironstate Development , a developer, owner and man- ager of innovative, large-scale real estate developments in New York and New Jersey. • HANDS (Housing and Neighborhood Develop- ment Services, Inc.) , which has worked since 1986 to implement a neighborhood revitalization effort in the City of Orange and its urban neighbors.
marked the near completion of a new transit-oriented devel- opment that will provide 100 mixed-income rental apart- ments and included New Jer- sey Housing and Mortgage Finance Agency (NJHMFA) staff, local officials and rep- resentatives of The Alpert Group . Valley Road Residential fea- tures a five-story building with 45 market-rate apartments and 55 that are affordable for households earning up to 60% of the area median income
The development is located at 22 Central Ave. in a mixed- use neighborhood and arts district undergoing significant revitalization. It is also located in a Smart Growth Area and adjacent to the Highland Av- enue train station, providing easy access for commuters. “The Valley Road apart- ments are an exciting addition to the West Orange neighbor- hood and will provide families and young people entering the workforce a high-quality place to live that’s close to public
Valley Road Residential under construction
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