Real Estate Journal — New Jersey — September 13 - 26, 2019 — 11B
www.marej.com
M id A tlantic
N ew J ersey Joint venture prepares to launch fund three
PEEKDevelopment concludes initial fundraising for twoQOFs slated to deliver 168 units toOrange
C
safe and secure neighborhood over the long term.” In addition to its two Reock QOFs, PEEK is preparing to launch a third fund, PEEK Cleveland I QOF, LLC. This fund will focus on efforts to develop a 68-unit multi-family property on Cleveland St. The total cost of this initiative is expected to be $17.3 million. “The leadership at PEEK De- velopment has a demonstrated track record of partnering with municipalities like Orange, by taking a redevelopment plan’s strategic objective and trans- forming it into a sustainable
reality for the entire community over the long term,” said Mayor Dwayne D. Warren, Esq. “By teaming up with PEEK, Orange will achieve its rightful place as a dominant live/work/transit/ retail hub in the East Essex Region.” Like many transit-centric/ high-walk-score cities in North Jersey, the city is le- veraging its Orange Train Station as the epicenter of the Reock Street Redevelop- ment Area to draw prospective out-commuting residents who work in nearby Newark and Midtown Manhattan.
ITY OF ORANGE, NJ — PEEK Devel- opment (PEEK) has
© Inglese Architecture + Engineering
© Inglese Architecture + Engineering
concluded its initial fundraising round for two Qualified Op- portunity Fund (QOF) projects in the pre-construction phase in the City of Orange. PEEK Reock I QOF, LLCandPEEK Reock II QOF, LLC are slated to break ground next year on two separate apartment-rental properties of 50 and 118 apart- ment-home units, respectively, within the city’s Reock Street Redevelopment Area (RSRA). Strategically situated just one block from N Transit’s Orange Station and the Main Street Business District, the planned developments align with the city’s efforts to revitalize land and property parcels between the NJ Transit railroad right-of- way and Freeway Drive/Inter- state 280. The area is bounded by South Essex Avenue to the west and South Center Street to the east. PEEK, formed last fall, is an investment, development and management joint venture focusing on traditional devel- opment as well as recently approved opportunity zone projects throughout New Jer- sey’s urban submarkets. Equis Realty Partners LLC, based in Jersey City, and The Fountain Group LLC of Teaneck are employing an opportunity fund strategy that identifies, con- structs, completes and delivers the highest quality apartment rentals to market. Currently, PEEK has a project pipeline of 300+ market-rate units valued in excess of $85+ million. According to Philip Evanski , PEEK co-founder and manag- ing member of Equis Realty Partners, development costs are expected to be $12.8 million for the 50 market-rate units at c and $32.2 million for the 118 market-rate units at 49 S. Day St. Both properties are a two-minute walk to Orange Station and offer front-door NJ Transit bus service along Route 92/Orange Crosstown, connect- ing Newark Light Rail-Branch Brook Park Station to South Orange Train Station. “In addition to being among one of the first Qualified Op- portunity Funds to close its initial fundraising phase within months of launching – and then immediately moving toward breaking ground within an 8-to- 12-month timeframe – PEEK is proud of its collaboration with city officials and local residents
276 Reock St. to revitalize a part of the city that has tremendous untapped potential,” he said. Emanuel Klein , co-founder of both PEEK and The Foun- tain Group, noted, “This is
49 S. Day St.
yet another step in realizing development within the Reock Street Redevelopment Area to establish a pedestrian- and commuter-friendly city center that will yield a self-sustaining,
GH-MAREJ Spotlight Ad 0819 HP.indd 1
8/1/19 4:51 PM
Made with FlippingBook - professional solution for displaying marketing and sales documents online