14B — May 10 - 23, 2019 — New Jersey — M id A tlantic
Real Estate Journal
N ew J ersey
ONTVILLE, NJ — According to the U.S. Census Bureau, home M Cites rising mortgage rates & home prices as factors in trend DP Property Mgmt. sees continued shift fromhome ownership to rentals amenities that are attracting the millennials and empty nesters fueling New Jersey’s luxury rental market. charging stations for electric vehicles.
Stein&Walsh secure lessee into office space Vantage RES negotiates a medical lease in Vineland
“Millennials expect luxury units with the latest technol- ogy, in locations that make for easy commutes, and empty nesters want high-end features that make the transition from house to apartment an easy one,” noted Minoia.” Proximity and easy access to New York City for work or leisure is also something renters desire.” Summit Court, located at 450 Clermont Terrace in Union, is a master planned rental com- munity, within a mile of NJ Transit’s Union rail station and Kean University, with easy ac- cess to major highways. “Our residents can be in mid- town Manhattan in 45 minutes by train, so they have the best of all worlds in terms of con- venient city access and luxury living,” said Minoia. “As more people choose upscale rentals over home ownership, Summit Court will continue to meet the expectations of discerning renters with amenities that enhance our residents’ life- style.” economic development, the arts and housing. New mid- and high-rise development has already been completed in the vicinity of the Orange Train Station at Tony Galento Plaza and several other large-scale projects planned for the area. “As more and more individu- als, families and businesses continue to choose Orange as their home, we believe, like the City, Orange is poised for a bright future. Our aim is to tap into this development boom to increase the area’s quality housing options,” addedMcGee. Matt Dzbanek of Ariel Property Advisors arranged acquisition financing for the 300 Watchung purchase through Hunt Real Estate Capital . and modern design. The com- munity offers amenities that allow residents to take full advantage of the surroundings including a private pavilion along the lakefront, a fire pit, and a newly constructed boat dock. Hosted by the New Jer- sey Builders Association (NJBA) , the Atlantic Build- ers Convention (ABC) is the largest regional building industry tradeshow in the Northeast.
ownership fell from 69.4% to 64.2% between 2004 and 2018, with an associated rise in rent- ing households from 31.2% in 2006 to 36.6% in 2016. The National Apartment Associa- tion has predicted apartment occupancy rates of 94-95% in 2019 and rent growth of 2-3% on average, with continued strong demand for apartments this year, even with more sup- ply coming online. Reflecting that shift away from home ownership to rent- ing, New Jersey’s residential rental market is hot, with an explosion of new construction of apartment buildings across the northern and central parts of the state. Among the newest is Summit Court, a luxury apart- ment community in Union. Managed by DP Property Management, LLC in Mont- ville, Summit Court is meeting the market demand for more rental units, as well as resi- dent expectations for upscale on-site amenities—the type of ORANGE, NJ — McGee Ryan Assets (MR Assets) continues to see upside in The city of Orange housing market, announcing its latest purchase of a 12-unit multifamily prop- erty at 300 Watchung Ave. MR Assets paid $1.32 mil- lion for the 8,000 s/f corner property near Llewellyn Park. Joni Sweetwood of The Kis- lak Company represented the seller, a private investor. “MR Assets is honored to serve the people of Orange by providing a quality housing ex- perience for all of its residents. Orange is changing every day for the better, and I envisionmy firm to be at the forefront of this renaissance. 300 Watchung Ave. is a well-maintained prop- erty at the heart of this revival
“Many younger working adults and older adults who used to own a home want the freedom that comes from renting in a professionally managed building, without the burden of home mainte- nance and repair, a mortgage or homeowner association dues,” said Nicholas Minoia, founder and principal of DP Property Management, an af- filiate of Diversified Proper- ties, LLC . Minoia noted that rising mortgage interest rates and home prices, coupled with rela- tively tight housing inventory, are other factors driving the rental trend. And, in a high- property tax state like New Jersey, most people are finding renting to be more desirable, especially in apartment com- munities that include today’s highly-sought-after ameni- ties such as yoga and fitness studios, smart locks and con- nected security measures, and and we are thrilled to add it to our portfolio,” said Alexander McGee , founder and CEO of McGee Ryan Assets. The City of Orange Town- ship last year released a Mas- ter Plan that includes seven major elements to harness the city’s growth over the next de- cade. Its strategic vision sets out to improve transportation, 300 Watchung Ave. Spanning 455 feet of private shoreline and almost six acres of preserved natural wood- lands along Lake Hopatcong, Mariner’s Pointe’s 35 luxury homes have brought a sophis- ticated lakefront living expe- rience to the shores of New Jersey’s largest lake. Each of Mariner’s Pointe’s 2 or 3-bed- room townhomes features an Adirondack-style exterior with premium finishes, top-of-the- line stainless steel appliances,
228 W. Landis Ave.
for a strategic manufacturing facility. The result was a cre- ative opportunity to combine an existing 118,000 s/f office building with a neighboring land site to support a 350,000 s/f build-to-suit manufactur- ing facility. Simultaneously, Garibaldi worked for the same client with Sansone Group/ CORFAC International in St. Louis, Missouri, this time for a 171,500 s/f manufacturing build-to-suit in Bridgeton, Missouri. The commercial real estate industry has changed dramati- cally in recent decades, but one thing has not changed: Broker relationships and expertise are still vital to getting the best execution. have concentrated on subur- ban and urban high-rise and garden-apartment proper- ties. While initially focusing on New Jersey, the firm has evolved during the past 44 years to also dominate the northeastern Pennsylvania and New York State submar- kets as well as represent client interests nationally. Gebroe- Hammer also markets mixed- use and free-standing office and retail properties. Widely recognized for its consistent sales performance, the firm is a 15-time CoStar Power Bro- ker and was named a 2018 Top Multi-Family Influencer. The landlord, Vineland Con- struction Company, recently renovated 228 W. Landis Ave. property is located in the heart of Downtown Vineland. tal in securing the lease. Stein and Walsh represented the tenant, Dr. Shariq Vazir, owner of SNJOS, in this transaction. Vantage RES has a history of success in leasing, servicing, and advising clients with den- tal and medical offices.
continued from page 2B almost never leave. The aver- age tenure of a CORFAC firm is 14 years. “CORFAC helps us connect with brokers we can trust who can help us do a great job for our clients when we venture out of our back- yard,” said James Garibaldi, CEO of The Garibaldi Group/ CORFAC International. “The relationships we’ve developed through CORFAC are invalu- able to expanding our client relationships.” When a long-term client of Garibaldi had a need in Mil- waukee, Wisconsin, the team worked with the local affiliate The Dickman Company/COR- FAC International on a multi- year project to identify sites Associates where I’ve had the unique opportunity to be schooled by a multi-family icon like Ken [Uranowitz] and have been fortunate to work on behalf of an organization with values that are an extension of my own.” In addition to representing private individual owners, who dominate the New Jer- sey multi-family landscape, Nicolaou’s diverse client base includes REITs, private equity firms and institutional invest- ment entities. Since 1975, Gebroe-Ham- mer’s brokerage activities continued from page 3B Emily Stein , director of healthcare services, and, Mon- ica Walsh , executive VP of Vantage RES were instrumen- VINELAND, NJ — Vantage RES announced that South- ern New Jersey Oral Surgery (SNJOS) signed a long-term lease at 228 W. Landis Ave. in Vineland. SNJOS is relocating to a brand new, state-of-the- art facility within Vineland’s premier office building.
In a data-driven world, . . .
McGee Ryan Assets grows multifamily portfolio inOrange
Gebroe-Hammer’s Nicholas Nicolaou . . .
HOPATCONG, NJ — At- kins Companies received four Sales and Marketing (SAM) Awards, including Community of the Year, at the 2019 Atlantic Builders Conference on April 2nd for their Mariner’s Pointe luxury residential project in Hopat- cong. The 2019 awards build upon the project’s success at last year’s Atlantic Builder’s Conference, where Mariner’s Pointe received seven SAM awards, also including Com- Atkins receives four SAMAwards at Atlantic Builders Convention munity of the Year.
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